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Updated about 14 years ago,
Deducting cost of repairs for new rental house
Help, I am a little confused.
We just moved out of town in November and rented our house out starting at the end of the month. So it will have been rented out for about 5 weeks of the year, with a total rental income for the year of about $1400.
In order to rent the house, we had to repair the driveway to the tune of about $5000. I have been reading through Pub 527 but can't figure out if I can deduct from my rental income the whole $5000 (and if I can carry over the remaining $3600 into the next tax year), OR if I can only deduct about 9% of the $5000 since we lived in the house about 91% of the year.
Anywhere I can look for guidance?
(Yes, I am trying to find an accountant but we're new in town.)
Thanks,
Russ