Tax benefits of live in rehab for the purpose of renting it out

[Felipe Ocampo]

I bought a new house in order to fix it up, while I live in it for a couple of years(one or two) until I save up for my next property. I renovated the kitchen and plan to renovate two bathrooms. In addition, I bought all new appliances because the ones the home came with were really old and some were not working at all( the refrigerator was not cooling). I know I can deduct a lot of repairs and depreciate the improvements for rental properties, but since I live in this property I am not sure if I can do that as well. Thanks for the help!

[Natalie Kolodij]

You can't deduct any of the normal repairs and maintenance on the property until it's actually a rental. 

Major renovations and improvements will get added to your depreciable basis once the house becomes a rental.