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Updated almost 7 years ago,
How soon should I post my property for rent for tax purposes?
***Please move post to the correct section, if this is in the wrong one. I apologize, in advance.***
Hello,
I know there have been other posts about when to post a property for rent, but none address the possible tax advantages. There was a BP podcast that noted the sooner you list, the sooner you can write off expenses. I believe it was the episode with Brandon Hall, I forget the episode number.
Some background before my question. I'm getting ready to move out of my current home and turn it into another rental. It needs some minor work (painting, a couple baseboards need to be replaced, the linoleum in the kitchen needs to be replaced, and I'm going to replace the linoleum in the bathrooms with tile, and replace the carpet in the living room with hardwood laminate).
I'd like to do two things:
1) Get the basement completely finished, so I can have the house reassessed to increase my equity to then take out a HELOC for future investments before I turn it into a rental.
2) Write off as much as possible because I am fixing/finishing things to turn it into a rental.
My question is how soon can I/should I list it to get these items done and write off as much as possible?