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Updated over 4 years ago on . Most recent reply
Tax Depreciation on Rental improvements: But we lived in home
We bought a property. SFH in south Florida. We've moved in and are redoing the floors and kitchen and some other things. Well, my job is relocating and we will have to turn this home into a rental come Spring/Summer after living there for 6 months while we improve it.
Maybe a dumb question but can I get any tax benefits from this remodeling if I lived there but it becomes a rental?
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Basit Siddiqi
#4 Tax, SDIRAs & Cost Segregation Contributor
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#4 Tax, SDIRAs & Cost Segregation Contributor
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Basit Siddiqi
#4 Tax, SDIRAs & Cost Segregation Contributor
Tax & Financial Services
Pro Member
#4 Tax, SDIRAs & Cost Segregation Contributor
- Accountant
- New York, NY
@Mitch Polatin
As others have mentioned, the improvements you make now will be added and eligible for depreciation when the property is converted to a rental.
- Basit Siddiqi
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Basit Siddiqi CPA
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