Tax Write Offs

Tax Write Offs

Real Estate Investor · Pittsburgh, PA · Member since 2008 · 53 posts · 4 votes

I am buying my first property and plan on living in it for a few years and then renting it out. There are some things that need to be done and seeing as it isn't yet a rental property, it is my primary residence, I am assuming any of the work I do is not tax deductible? Are there any specific repairs that are tax deductible? For instance, I heard that any repairs related to energy efficiency are tax deductible, such as new windows, insulation, etc. Just trying to figure out what I should do now as opposed to later in order to maximize my tax benefit.

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  • Manhattan, NY · Member since 2008 · 801 posts · 61 votes
    18y

    If it is your residence then none of it will be tax deductible.

    However, improvements, not repairs but real documentable improvements will increase your tax basis when you convert it to a rental.

    Keep very good records.

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