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Updated almost 7 years ago,
What can I deduct from my taxes prior to putting a VR online?
Hi all,
I have put my vacation house on VRBO/Airbnb and would like to know if I can deduct the work I put into it prior to renting? We purchased a bunch of PAX units to store our belongings in 2016 and installed them early 2017. In addition, we painted, cleaned, repaired (and bought a 4plex in the middle of it). So as 2017 ended we have spent roughly 7K and rented the cabin less than 14 days this year. We are off to a great start in 2018 with 22 days rented so far.
As I understand it, we don't even need to declare the 10 days it was rented in 2017, but we would like to take these deductions if possible, to offset long-term rental earnings elsewhere.
I'm in the process of finally finding a CPA to help me, but thought I would ask here in case someone has an answer to my question. Also, if you have a good CPA in the Oakland or general Bay Area, I'd love to have their contact info.
Gratefully,
Anne