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Updated about 1 year ago,
Beginner tax question
Hi. I am new here and would really appreciate some help.
I switched my home into a rental mid year. I had to do bunch of renovations in order to rent it, such as redoing a whole shower that wasn't functional plus some other repairs. Total cost was around 17K and I have only collected about 7K in rent for this year, so I have a loss.
1- Can I deduct the whole expense this year or does it depreciate over time?
And will some of the loss carry over?
2- And where do I enter this expense on the tax forms?
3- Also I bought my house in 2000, but have refinanced a few times since; last time after divorce in 2018. In Turbotax, when it asks for purchase price, date, etc., do I use the original purchase in 2000 or the last refinance in 2018 when the ex's name was removed?
4- My contractors didn't provide me with their tax ID. Do I still need to send them 1099 without knowing the tax ID since it was over $600?
Thank you in advance.