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Updated over 3 years ago,

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5
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1
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Matthew Walker
1
Votes |
5
Posts

My home now, Rental later. How can I deduct expenses?

Matthew Walker
Posted

I am living in my fixer upper now and for the next 6 months. While living here I am making a handful of major improvements on the house which will help increase rental value (capital expenses, like new appliances and flooring) as well as small repairs that were already needed when moving in. 

The home will not be rented fully until 2022. How can I use these repairs and capital expenses as deductions? Is it possible to also write off the other common deductions (PMI, interest, depreciation) while living here? Will it help if I have a roommate sign a lease ASAP?

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