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Updated almost 3 years ago on . Most recent reply
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Can I replace HVAC before tenants move in and still write off?
Hey BP Fam,
Who would've thought huh? I have 50k in equity and went the route of renting out my home vs selling. One thing I should've thought about was that the HVAC and water heater are all 20 years old. The costs to replace all three are anywhere from 10-15k. From a tax perspective do I have to wait until my tenants move in to be able to write these repairs off? Basically, can I do it now in April 2022 and the tenants don't move in until June 2022. will I still be able to write off the repairs? I hope I am explaining this correctly.
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I'll have the quote later today but I will have to get another quote. This guy ballparked 11k for the furnace and ac unit at 11k. I looked up online the most all three should be for a 2-ton unit is 8-10k at the most.