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Updated almost 2 years ago,
Depreciation without income
I purchased a house for cash off a HELOC in 2022. It is in rehab now and no income has been generated from the property. My W2 life is very simple, so I typically just take the standard deduction. Do I need to itemize this year in order to claim the depreciation and rehab expenses as a carryforward loss? Or will I just start the depreciation next year once their has been income generated?
Thank you.
Russ