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Updated almost 2 years ago on . Most recent reply
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How much can you write off on taxes
I bought my first rental property in April last year in Michigan. I paid 85,000 for it. It needed more work than I thought. I did not rent it out until March of this year. I stayed in it as a primary residence for two months. Here is my questions.
1. I put in a 5700$ central air unit as it didn’t have one before. Am I able to count that on taxes.
2. I remodeled kitchen and bath as well as put flooring in and did a lot of painting cabinets and such will I be able to write that off?
3. I did most of the work myself besides some electrical and hvac. I purchased some tools to do rest of remodel. Will I be able to deduct them as well?
4. I ended up putting up around 15k into property. I never rented it out last year. My questions is am I going to be able to deduct this stuff?
I have an appointment with accountant but I’m nervous. What say you guys