tax write offs from previous years

[Ryan Dunnie]

I am in the process of fixing up a guest house in my back yard.  There is a good chance I won't be able to rent it until early next year.  Will I be able to write off the materials I used to fix it up this year on my 2021 tax return?

[David M.]

@Ryan Dunnie

No.  Speak to a tax professional.

Since the guest house isn't in service, i.e. ready to rent, your improvements would go towards the cost basis and ultimately depreciated over 27.5 years once you are ready to rent it.