Tax help! deductions for EOY and no rental income yet to offset!

[Joanna Golden]

HI Friends! Was hoping someone with experience could help. I just bought two duplexes in Cleveland and will have work done to them, there will be many expenses I have for 2018 as I just started an LLC and besides rehab, and tons of fees, I will also have spent deductions on learning, travel as well. Problem is I will have no passive income yet to offset the loss. I also am a full time employee. Any idea on how to capitalize on some of these expenses before the new year rolls around?

Thanks in advance!

[Christopher Phillips]

@Joanna Golden

Quick and dirty...

You'll have to capitalize the expenses are part of getting the properties ready to rent. You can't deduct them as expenses since the properties are not in service.

You should speak to your accountant about the $$$s.