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Updated about 4 years ago on . Most recent reply
Rental Expenses Incurred Before Property is Rented
We moved from our primary residence 4/25 and spent a few months painting, reflooring, etc before deciding to rent it instead of selling. It was eventually rented on 8/15. Question is - are mortgage interest & property taxes deductible in the period between 4/24 and 8/14? What about the improvements- are those added to the basis and depreciated effective 8/14? Thank you!
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Originally posted by @Robin Ryan:
We moved from our primary residence 4/25 and spent a few months painting, reflooring, etc before deciding to rent it instead of selling. It was eventually rented on 8/15. Question is - are mortgage interest & property taxes deductible in the period between 4/24 and 8/14? What about the improvements- are those added to the basis and depreciated effective 8/14? Thank you!
Generally, the work you did after you moved out will be added and depreciated.
From practical standpoint, I would just deduct The mortgage interest and the taxes after you moved out. Shouldn’t be material to sweat over it.
- Ashish Acharya
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