You can deduct up to $5k in expenses (and amortize the rest over $5k) for getting your rental property ready to rent out in the year you rent it out.. my question is do those expenses need to occur in the year you rent it out or is the year prior okay too?
E.g., In December 2017 I am going to prepare a house I own (buying refrigerator, washer, dryer, etc) to rent out for the year 2018. I won't place any rent ads until March 2018. But I will buy a washer and dryer in December of 2017. For tax year 2018 will I be able to deduct my expenses incurred in December of 2017 as startup costs?
Submitted November 20, 2017 at 09:02AM by LocalForumTr0LL http://ift.tt/2ASXXET RealEstate
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