Restoring house for reselling or renting
Hi, I've been a small-time landlord for 20 years. Currently has 4 SFR all paid off and long term tenants in place.
In March I purchased a house in Mansfield, Ohio to rehab, with the intentions of selling it in the spring, or renting it. My question is how will my taxes play out with all of the expenses on this rehab? I've always bought and husband & myself done most of the work, and never have I bought such a monster of a place, with this much work needed. I've since lost my helper, and am overwhelmed with the work ahead. Bought under $82k, and planned on $50k in expenses, with the hope to be done by March 2025, and sell for $200-220k, or rent for $1,250.
When I give the repair bills & purchase price to my CPA, how will this differ from my typical expense deductions, since this is such a huge expense (for me thus far) and the house will have been a work in progress all of 2024?
Also, if anyone has a good contractor in the area, I'm grateful for a lead.