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Updated 12 days ago, 12/16/2024
Tax deductions on a remodel for a future STR while living in it.
I currently live in a single-family primary residence. Next year, I plan to purchase a second home and move into it. I intend to rent out my current home as a short-term rental. Before listing it on an STR platform, I need to make some improvements to my current home.
How can I maximize tax write-offs for these improvements? It seems that investing in improvements while I still live in the home wouldn't be tax deductible. Is there a way to take advantage of these deductions while I'm still residing in the home?