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Updated over 5 years ago,
Tax question from a newbie
My husband and I bought a commercial property in February that’s doing well, but now we’re about
to buy our first SFR, and it's a unique situation. We're purchasing my husband‘s grandfather's home from his mother. We're not actually closing on the deal for two more months, but we've been working on the house. I've spent money on flooring, appliances, and repairs. Is this going to be an issue at the end of the year when we our taxes? Is the date that I put the property in service conflicting with the date of the repairs and expenses going to be an issue and throw up red flags for the IRS? Any advice or guidance would be greatly appreciated!! Thanks so much to anyone who responds!!