All Forum Posts by: Scott Stuart

Based on everything I have seen this is what i figured for the building costs of materials for the building. Any idea about the miles driven to the property for 2024? Can I claim those in 2024? Or 2025? Or can I claim them at all? I'm not sure how I would even claim them in 2024, I don't know if you can do a schedule C with no income and just miles?

We are both out at the property at the same time doing all the building together. Does that count as both materially participating? We are both also putting money towards the cabin monthly at the same amount.

Thank you for the reply, it is much appreciated!

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Quote from @Rene Hosman:

Paging @Natalie Kolodij this is an interesting question I hasn't considered... I guess I figured if you purchased the materials for business purposes with the intent to profit you could claim the "loss" of materials the year you purchased them but I have no idea if any rules are different if there's no structure to begin with?

@Scott Stuart I'd also recommend looking for a great accountant that is familiar with real estate investing as every situation is unique, you can find tax pros here https://www.biggerpockets.com/business/finder/tax-and-financ...

Yea, I couldn't find too many similar situations online so I figured I would ask!

Thank you for the link! That will definitely be helpful!

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Good Morning,

Me and a partner bought a property in September 2024 and started working on constructing a cabin right away. The sole purpose of this cabin is to rent it as a short term rental. We are doing all the building ourselves so all of our costs will be material costs. We expect the cabin to be done mid 2025 and we will start renting then.

My main question is, is there anything that we can claim on 2024 taxes? Based on what I have read we cannot claim any of the material expenses that we have until the cabin has actually been rented, so 2025, and then it is will be depreciated over many years. Is that correct?

One thing I am wondering if we can claim is miles driven to the property to do the work. We did drive quite a few miles in 2024 to get out to the property to work on the cabin. Can these miles be claimed on 2024 taxes? If not will they be able to claimed on 2025 taxes?

is there anything else we may be able to claim on 2024 taxes? Cost of Land or land loan payment?Electric bill for the property? Gas costs to get out to the property? LLC filing costs? Anything else I am missing?

Thank you for any help you can provide!

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All Forum Posts by: Scott Stuart

Scott Stuart has started 1 posts and replied 3 times.

Post: Self Building Cabin Tax Questions

Post: Self Building Cabin Tax Questions

Post: Self Building Cabin Tax Questions