Return to ezLandlordForms
Enter your search term here...
New support ticket
Check ticket status
Start a new topic
ezLandlord Questions and Answers
Timing of listing - tax question
started a topic
almost 13 years ago
Hi All, I've been learning LOTS in the past couple weeks about my introduction to being a landlord (reading NOLO books). I have a couple questions which I can't find answers to. Hoping this community can help. First, a description of my situation. [----] I have owned and lived in my LA condo, since 2003. I am moving to SF early next year (Feb/Mar). I have been in the adjustable period of a 5/1 ARM for the past year. My rate is 3.0% and expected to be 2.7% on Feb 1. Before I rent my place, I have many upgrades to make. I was planning on not starting them until January so that everything is in the same tax year. - remove popcorn cieling (positive for asbestos) - replace broken oven and old dishwasher - replace sagging garden fence - install missing bdrm closet door - possible bath overhaul (not sure yet if crack in tub is serious, or repairable) - replace 2" faux wood blinds with aluminum blinds - repaint all walls - steam clean carpet [-----] With that in mind, I am looking to refinance this month with a 30-year, while rates are low, and while I can still claim it as a primary residence. Then the tax part. As I understand it, as a homeowner I can not deduct the above upgrade list from my taxes, but as a landlord I can. I will be doing these upgrades while I still live in my condo and before I rent anything in SF. Can I still take these as tax deductions? Your help/advice/suggestions are greatly appreciated! Thanks
over 12 years ago
I'm no expert but I don't think so. If you refinance as a home owner, you can write off points and application fees etc. But I am almost sure repairs are not tax deductable for a home owner. When you claim your property as an investment, you have to state when it became an investment, and must show income I believe. So based on my past experience with my CPA, you cannot claim repairs or upgrades until it is an investment property.
to post a comment
More topics in
Commercial Rent Increase, CA
How To Monitor Your Credit Report?
How PayStub makes and receives payments?
Lease to someone with a home-based business?
Prespective tenant doesn't pay seurity deposit
Parially built house
prorating from move-in period to the end of month
3 tenant issue
water low pressure and volume
ezLandlord, Inc. 22228 St. Barts Lane Estero, FL 33928
BECOME A MEMBER