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Updated almost 5 years ago,

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2
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1
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Justin Glowa
1
Votes |
2
Posts

Tax information for investor with no rental income yet.

Justin Glowa
Posted

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! 

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