General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated over 4 years ago,
Deducting remodel; owner occupied ? W-2?
Hello BP!
I have a rental property (My first purchase. 2 units, both vacant) - One was remodeled before purchase, the other I occupy while I remodeled it to be in rent-able condition (mostly the kitchen, not fun). I spent about $25000 to repair and remodel it, can I deduct this expense and add it to my rental income loss, and how? Also, can any of the utilities, maintenance etc expenses as well as the remodel cost be used to offset my income from my W-2 at my day job?
I purchased the property mid October of 2019. New to all of this, but I feel like I'm seeing conflicting info from my "due diligence Googling"
Thanks, and hope everyone is staying safe/positive!
Alex