Live in and fix up strategy
I am Living in my house and Remodeling it, getting it ready to rent out and then I will buy another fixer upper.
I need some advice on a strategy to be able to use all the materials in the remodel as a tax write off.
I know you cant write off materials if its your primary residence, and since Im living in the home while I remodel, Its primary.
And these are very invasive remodel work, Full inside and outside paint plus siding, windows, kitchen and bath remodels, things I cant just swing by and do while it has a renter in. They would move out with all the construction going on, just to get the tax benefit...
So I KNOW all of you have the right answer for me. ;) thanks guys.
I feel like there should also be a way to write off all the hours I put into it. It sounds to me like I need to have a Construction business. If just for tax purposes to be able to write off the tools I buy, the materials and the hours I work... I just dont know how this unfolds and im stumped.