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Updated almost 9 years ago,
Tax Deductions for Temporarily Owner Occupied Duplex Unit
Hi everyone, I have a quick tax question I'm looking for some guidance on regarding a duplex. The top unit is rented, and I am currently moving into the bottom unit. I plan to do a few upgrades (mostly cosmetic) to the unit I'll be moving into, and I also want to finish the basement and add a second bedroom to it as well as a second room that can be used for an office, entertainment room, gaming room, etc.
My question is, since I am living in this unit, should I be saving the receipts for all the things I purchase and the work I have done to this unit, as I plan to rent it out in about two years from now? Or can these items not be deducted since I will have performed the upgrades while living there? Thanks in advance for any advice.