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Updated over 5 years ago on . Most recent reply

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Sean Smith
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Taxes on Converting Home to Rental

Sean Smith
Posted

Listed my home about 6/12. Have someone about to sign a lease but realized that an extra bathroom my wife and i have not hardly used has issues needing pretty signifcant repairs. We are moving to new residence July 1, insurance becomes landlord policy July 1, and then having tenant move in July 15. If I wait to do repairs until after July 1, can I deduct them? Or if I did them now could I deduct since it is listed? Or no since the damage / wear occurred while still residence? Also if I were to convert it back to a residence at some point, would there be any recapture? Thanks!

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