Tax questions (primary residence to become a rental)

[Kris Schwenk]

Hello all,

New to Bigger Pockets. What a great resource , I guess I’m getting to be a little old school. Just started listening to podcasts again and it’s been very motivating. 

So my question today ......,Later this year I expect my primary residence which I have lived in for more than two years to become a rental. I’m currently in the process of updating the home. So the question is can I expense those repairs for this year if they take place before I actually move out of the property?

And the second half is will I give up my capital gains exemption if I keep the property as a rental beyond 3 years after I have moved out?