Can I tax deduct my current property repairs

[Trevor Schuler]

My question is I have a property that I am repairing and renovating to become a future rental within the next year or so. I think that I should be able to write off the expense of renovating, as it will become a rental? Can anybody clarify what I might need to do or if that's possible? I would think it wouldn't be any different than a house hack, as that's what I plan to do in the future is house hacking.

[Linda Weygant]

Originally posted by @JD Martin:

@Natalie Kolodij @Linda Weygant . I'm almost certain you can't legally deduct repairs based on future "what-ifs". What if you decide to stay there later because it's so nice? Now, you can do whatever you want up to the point that the IRS audits you. 

 You're exactly correct.  Major improvements to a primary residence can be Depreciated after the property is put into service as a rental, assuming the timing of said improvement is fairly quick after the in-service date. Otherwise you've got to declare only the Fair Market Value of the improvement (if any at all).  You then can use only the lower of cost or market as the depreciable basis.