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Updated almost 5 years ago,
Tax information for investor with no rental income yet.
I purchased a Single - Family home with the intention of turning it into a househack. The home has been registered as my primary residence. I have been working on many renovations since, but do not have any rental income thus far.
What do I need to know about taking these costs into consideration for my taxes when I have not earned any passive income thus far?
I am early in my research, but It seems like PAL rules- passive loss options might be a possibility (I make less than $100000 and less than 25,000 in costs)? or business start-up expenses? I don't think I could qualify for Real estate professional status As I have a W-2 and didn't purchase the home until August.
Any advice or links to resources would be much appreciated!