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Updated over 8 years ago on . Most recent reply
Moving into rental property as residence after capital upgrades
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