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Updated over 3 years ago on . Most recent reply
Garage Conversion Expenses
Hi All!
Im in the process of converting my garage to an ADU that'll be fully rented within the next few months. For tax purposes, all the expenses I'm incurring are deductible right? can I put them on my schedule E for this future address? Or is there no tax deduction allowed for pre-expenses? side note: I also already have 1 other rental property that is up and running in a different city.
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Wayne Brooks
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Wayne Brooks#1 Foreclosures Contributor
#1 Foreclosures Contributor
- Real Estate Professional
- West Palm Beach, FL
No, the majority of costs get added to basis and depreciated.