Hi all! During 2020 I was rehabbing a property. Had many challenges with delays, covid etc.. expenses really high and property is only ready for sale this week. My question is, am I allowed to claim the expenses ( the rehab) on income taxes.. not sure how it works since it is not a revenue property. Any insight will do.. thanks! Property is in Missouri. 

Add the expenditures to your cost basis in the property so you can recover them when you sell it.

@Massimo Salerno

Are you a flipper?

If there are costs directly related to the property - most likely capitalized and factored when you sell the property
If there are general business costs not related to the property - you may potentially be able to expense those costs.

Basit Siddiqi, like interest on loans and legal fees? .thanks !