All Forum Posts by: Account Closed

Steven Hamilton II I ended up adding interest and taxes to Schedule A for the period the house was in repairs. Not sure if that is a bad thing or not. This is the only property I own.

I had only one improvement, an AC unit condenser, which I have added to the basis of the property. I used the improvement ratio to find out the building value and added the condenser price at the end.

Thanks Bill.

I will depreciate appliances and building starting September (date property was ready for rent).

However for the other expenses I'm still confused. From what I've read on IRS pub 527 it seems that I should deduct expenses only for the last 4 months and not for the 8 months I owned the property. In this case I would need to divide everything (insurance, warranty, morgage interest, property taxes, HOA) by 0.45 (45% is the percentage the property was ready for rent).

Some details: I purchased a rental property in April; because it took a few months to complete all repairs it wasn't available for renting until September.

I have two questions:

1. I'm allowed to deduct mortgage interest, property taxes and HOA just for the last 4 months? (September-December) or for all year?

2. Can I depreciate appliances even if they were purchased before September? as in July-August.

Correction for 2nd question:

2. Can I depreciate appliances even if they were purchased before September? I bought them in August.

Hi guys, newbie here.

I purchased a rental property in April; because it took a few months to complete all repairs it wasn't available for renting until September.

Here are my questions:

1. Can I deduct mortgage interest, property taxes and HOA just for the last 4 months? (September-December) or for the all year (since April)?

2. Can I deduct appliances as capital expenses and depreciate them even if they were purchased before September? I bought them in August.