All Forum Posts by: Bill Burkhead

New investor looking for a good local CPA with experience in investments in Boston/Cape Cod MA area.  Thanks! 

 Thank you so much Margo, very much appreciated! 

Thank you James. 

Hi everyone,

Very first property and need some help/advice. Bought a property in late August and have been fixing it up. Won't be ready for mid-term rentals until after Jan. 1 (new tax year). We've spent some good $ on prepping the place. Can we write off the money we spent prepping the property (paint, new furniture, etc) this year on next years rental income? thank you very much!

Thank you Kevin, very helpful. 

Hi everyone,

I just purchased a 2nd home/rental condo a few weeks back and am in the process of fixing it up and bringing in furniture, etc. It will take at least a month to have it ready to potentially list as short term rental. Just curious about 2 things:

1. What constitutes a rental vs. a 2nd home for tax purposes?

2. All the money I am spending on maintenance (paint, wall repairs) and new items (washer/dryer, furniture) before I rent it out - is this deductible on my taxes?

Bottom line, we want to be able to use it as a short term rental when it is ready, but want to know if we can stay there sometimes too and when does it become officially a rental so we can benefit from tax write offs/losses and depreciation, etc.

thanks for any help you can provide?

 Thanks Bob! 

 This is great, thanks so much Lien! 

Thanks so much Tanner, very helpful and I appreciate you taking the time to assist me. 

Hey Henry and Dan, that sounds unfair- I am learning each state has their quirks in law and I just have to learn those associated with my state (MA). Thank you both for the feedback and taking the time to share!