Year end rental expenses; purchase now or later?

[Mark Stone]

My back tenant will be moving out in the next 2-3 months. I have a lot of repairs I will need to do in his unit. Would it be advisable or legal to purchase the material now before the end of the year so that I can write it off for my 2016 taxes, as opposed to waiting an entire year until 2017 taxes?

I am looking to spend roughly $3-5k on everything from tile, fans, blinds, door locks, kitchen cabinets, oven, fridge etc.

Thanks for your advice!

[Jake Hottenrott]

@Mark Stone - I'd love to give you exact advice, but without knowing your specific situation, it depends.  There are a myriad of questions to ask that would help lead to the right answer.  I'd definitely talk to a CPA who can help you make the best decision for your situation.

Some of those questions are -

- Are you classified as a real estate professional?

- Are you single or married filing joint?

- Is your AGI over $150K?

- Is your property already at a loss?

Those questions are some that a CPA will ask to help to frame what the correct answer is for you.  Best of luck!