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Updated almost 10 years ago,
2014 taxes start up deductions
hello~ seeking guidance regarding "start up" deductions
Our 1st rental was in service April 1st 2014. We spent OVER 5k to prepare the home to be rented. These funds include things like utilities, materials for plaster repair, painting, replacing broken windows, adding gutters, & ridge vent, attic insulation, replacing rotten stair treads, reworking the crawl space to address frozen water lines etc.
Would funds spent on utilities, paint, window repairs, etc be deducted this year, in addition to the 5k permitted for start up expenses, Leaving the remaking "start up" to be deducted over the next 180 months?
I've been using the latest "landlords guide to taxes" as a reference.
Thanks, Holly