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Updated over 8 years ago on . Most recent reply

User Stats

9
Posts
2
Votes
Anna Dube
  • Investor
  • Portland, OR
2
Votes |
9
Posts

Moving into rental property as residence after capital upgrades

Anna Dube
  • Investor
  • Portland, OR
Posted

Hi BP Community!

I'll try to be concise in my question while providing enough detail.

I just completed upgrades (new vinyl plank flooring, purchased washer/dryer) for my rental property while I'm between tenants.  Any as luck would have it, I now find myself between jobs (between careers really) and I can't qualify for a personal residence until I'm employed again.  So I'm thinking about moving back into my rental property instead of renting another place so that I can move back to Portland and hopefully start a new career.

My question: How long do I need to rent out my property after these upgrades and other maintenance work to be able to take them as a deduction on my taxes before I can move in for 6-12 months?  The long term plan would be to move out again after I'm employed and purchase a home and return this property to a rental.  I don't plan on selling it any time soon.

Thank you,

Anna

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