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Updated over 4 years ago,

User Stats

55
Posts
14
Votes
Michael Zagorsky
  • West Melbourne, FL
14
Votes |
55
Posts

Rental to Personal Residence after failed rehab sale: Expenses?

Michael Zagorsky
  • West Melbourne, FL
Posted

We converted a personal residence into a rental seven years ago, our last tenant trashed it, we rehabbed it (repairs, paint, carpet) for about $8k but failed to sell it at an acceptable price.  At the time we did the rehab we had every intention of selling it, but a low appraisal killed the sale.  We are seriously thinking of moving into the property as our primary residence but I was unsure how we would treat the expenses that we incurred after the tenant moved and we tried to sell it but before we considered making it our primary residence.   Anyone know how these expenses would be treated?  

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