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Updated almost 5 years ago, 02/09/2020
Repairs after conversion to personal use
Hello,
We are getting started on our 2019 taxes and I have a question regarding repair deductions. We converted a rental property we own to a primary residence. Right after the tenants left we discovered foundation damage and had to pay for piers to be installed - at a substantial cost. As I understand it, repairs are only deductible during the time that it is considered a rental, and not personal use. However, in this case, the damage clearly occurred during the time it was a rental, but didn't get addressed until it was converted to personal use. So, is it OK in the eyes of the IRS to deduct this repair, or are we out of luck? Thanks for any advice!