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Updated about 5 years ago,
Tax Deduction For Rental Property Not Yet In Service?
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.