Updated about 4 years ago on . Most recent reply
Taxes deductions for Rental Property
Hello All!
I purchased a rental property in 2020 and started an LLC. I renovated the house at the end of 2020 and moved in a tenant early 2021. Can I claim the expenses of renovating the home on my 2020 taxes? I have heard that since it is a "passive" and not "active" business that I would not be able to claim those expenses for 2020yr taxes.
I hired contractors but also did a significant portion of the work myself as well as property management (advertising, screening tenants, software mgmt, etc.)
Thanks for an insight anyone can provide!