bebop
Level 2
03-25-2024
01:25 PM
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A client did not rent his property the entire year. He is doing a major renovation to prepare it to sell. Can he deduct utilities and other expenses that are not directly part of the capital renovation project on the current year return? I'm finding conflicting answers in my research.
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IRonMaN
Level 15
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bebop
Level 2
03-25-2024
03:30 PM
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Even the utilities? I thought basic expenses like utilities do not get added to basis. Only expenses directly related to the renovation.
IRonMaN
Level 15
03-25-2024
04:57 PM
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You betcha!
Slava Ukraini!