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Updated almost 5 years ago,
Writing off renovation expenses
Hello. I am almost done completing a half a million dollar gut renovation on a 2 family. I will be living in one unit and renting out the other unit. Am I able to write off the renovation expenses for my taxes? One CPA I’ve been working with said I can only write off the depreciation. I’ve talked to multiple other people who say I should be able to write off all of the renovation expenses. Do I need to find a different CPA that specializes in real estate? I’m in MA. Thanks!