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Updated over 6 years ago,

Account Closed
  • Bowie, MD
1
Votes |
6
Posts

Can I deduct renovation cost on rental property ?

Account Closed
  • Bowie, MD
Posted

Hello fellow investors,

 I am to bigger pockets  member and have decided to get serious about investing into real estate. I have a question about tax deductions. I have had a rental property for 10 years , last year I invested $24, 000 into the property ( horrible tenants). During the Reno it remained vacant but was rented out for the last 2 months of 2017. My husband my does our taxes and he has informed me that we cannot deduct any of the $24,000 due to tax laws changes. Could someone  please shed some light on this matter. I'm in the process of looking for an accountant to do our taxes.

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