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Jun 2011 which also stops the depreciation deduction. For 2011, you would only get a half year of depreciation. All your costs during the renovation are capitalized and can be depreciated once you put the property back in service.
and vapor barrier. Removed upper porches and changed to window only. New boiler. All new upstairs windows in different sizes than previously there (framing work). New wiring (open up one wall and suddenly you have 5 extra things to do). Insulate and airseal crawlspace. Tenant side only: completely gutted interior, so [i][/b][b][u]everything inside is new except the walls. Also removed and installed new wood deck. Lots and lots of other things not listed here. Never thought it would take this long, but none of this has been on credit and I could only pay for what I could afford. Place hadn been worked on in about 20 years. Looking pretty spif now, though. I know I can only deduct half of what apples to both sides of the duplex, so no need to adivse on that. Unlikely it will be rented in December. More likely January. I know that not Nike Air Max 2016 Total Crimson
Thanks for the answers guys. The remodel is extensive. Flat roof changed to trussed and shingled and insulated. Removed and redid the ceiling drywall Nike Air Max Ivory
According to the IRS, a property is considered placed in service when it is ready and available for rent. Since the property in question has not been ready and available for rent ("unrentable" in the OP own words) for over a year, I seriously doubt that the IRS will agree that the property was never taken out of service.
The big expense deduction for you is depreciation, which can ONLY be deducted while the property is in service. By your own statement in your original post, the property has been "unrentable" since Jun 2011. This tells me that the property was taken out of service in Nike Air Max Original 2014
optimal, but is it still ok as far as depreciations and deductions?
deductions against vacant property
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Suggest you consult a licensed tax professional for assistance since you may need to amend your 2011 tax return.
There is a difference between a vacant property that is in service and a property that is vacant because it is out of service. For tax purposes, rental property expense deductions only depend upon having the property in service. Vacancy is not a factor, what matters is whether the property is in service.
If the property had been continuously marketed for rent (even through a short term renovation), then I might reconsider my position. But since the property has been unrentable for over a year, I maintain a dissenting opinion.
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Most of the replies you have received tell you that your normal costs of rental property ownership and operation are still deductible when the property is vacant. However, you were also told that renovation costs are a capital expense and therefore not deductible whether the Nike Air Max 2016 Racer Blue property is vacant or not.
IMO, since the property is out of service as a rental, your mortgage interest from Jun 2011 to the end of the year becomes investment interest to be deducted on Schedule A instead of a rental mortgage interest expense on Schedule E. If you don itemize, then I believe the mortgage interest can also be added to your cost basis.
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