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Updated about 6 years ago, 11/25/2018
House Hacking Repairs Taxes
Hey everyone,
First-time house hacker here. I have a simple question about if I can deduct certain repairs that I made on my house hack in the months prior to when a tenant first moved in. I bought the property in June and have made about $10K of repairs and improvements, but these were all before my first tenant moved in in November. Are the repairs I made deductible because they occurred in this year? Or do they not count because the house was technically not yet being used as a rental? If I can't deduct the repairs, is there a possibility I can add them to my basis to at least get a higher depreciation deduction each year?
Thanks for all your input, I will definitely be talking with a CPA soon but I wanted to get some opinions from those actually in the real estate business before having that conversation.
Thanks!