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Updated over 7 years ago,
Tax benefit for new appliance in future investment
Hi,
I am a newbie in the RE world and trying to gain knowledge and advice before I jump in. In the process of self educating I am coming across a situation which might occur in future..
We bought a condo last year which has been our primary residence for the past year. Sometime next year we might move to a bigger space at which point we would convert this as a rental property. My question is related to the expenses that I am putting in the condo while we stay here. Can any of those expenses be deducted as part of "future" rental property.. Over the last year we have changed the carpet of the house and also the electrial panel. both of them needed to be changed and so had to be done.
Our washer is also starting to get old and we were planning to get a new one. However I am curious to know if there is any tax benefit to replace the washer after we rent out the property. Ideally we would like to replace it now and get some use out of it before renting the condo out. I am not sure if this expense now can be later covered as a tax benefit?
While washer is just one example, the next thing on the list is Windows, either repair or replace. and also the Range.. ideally we would like to convert that to gas(currently electric)..
Is there any way I can spend the money now, get some use out of it, and later also get some benefit(either as tax deduction or any other form of benefit?)
Any experience in this regards?