Tax question - Posted by Leroy B

Posted by Dave T on February 07, 2005 at 05:19:38:

Generally, no.

Rehab costs are an adjustment to basis. Your miles and hazard insurance are personal expenses. Deduct the property taxes and mortgage interest on Schedule A.

After the property is placed in service as a rental, everything you mentioned is expensed on Schedule E.

Tax question - Posted by Leroy B

Posted by Leroy B on February 05, 2005 at 18:33:09:

I purchased a home in 2004 and I’m almost done remodeling it. It will be available to rent in March of 2005. Can I use my expenses like miles, property taxes and insurance on my 2004 tax return. TurboTax is giving me an error because of the available date being in 2005. I know I can’t depreciate the home until March 2005.