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Updated about 5 years ago,

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Andrew Olson
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Tax Deduction For Rental Property Not Yet In Service?

Andrew Olson
Posted

I purchased a single family home last year that is in need of major repairs before it becomes my first rental property.   I know about the passive activity loss rules and the fact that I am limited to a $25,000 -- which my losses are well under anyway.  What I don't know is if I can deduct my property tax, insurance, etc. since the unit was never in service last year.  Any insight?  And thanks for all that you do for us new investors.

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