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Updated over 4 years ago,

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Simone Roche
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Tax Question: Rental prop -> failed renovation -> sold

Simone Roche
Posted
Bought a rental property in LA County, CA back in April 2018.  Rented until Sept. 2018.  Hired contractor for renovation in May 2018. Due to unexpected increase in cost to complete renovation the renovation project was abandoned April/May 2019.  Sold property in July 2019.  Question is are any of the fees paid for contractor/architect/permits allowable for any tax offsets/carryovers/etc for tax filing?  Thanks!

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