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Updated about 7 years ago,
Able to Deduct 2017 Expenses on 2018 Tax Return?
I've got questions about deductions we can take on our rental home, which we are renting out for first time, with the tenants set to move in December 30, 2017. It's my understanding we don't have to pay taxes on the rental income for our 2017 tax returns since it's less than 15 days.
*We are switching our homeowner's insurance to landlord's insurance that day and will be paying for 6 months or a year of coverage through 2018. Since we are paying at the end of 2017, but the coverage will extend through 2018, can we deduct a prorated amount of the insurance payment we made in 2017 on our 2018 tax return?
*Similarly, we have incurred various expenses (painting, plumbing, etc.) in late-2017 to get our house ready to rent. Is there any way to deduct those expenses on our 2018 tax returns?
Thanks!