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Tax Deductions in Florida while CA resident
I just purchased a property in Florida and did a lot of renovations including re-roofing, HVAC replacement, etc... I wanted to claim it on my taxes but an accountant I spoke with states I can't unless my primary residence is in Florida or I I'm working in Florida; but isn't federal any state? Looking for any guidance.
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Starting point is knowing if that's an investment property or just a vacation home for you?
If it's a rental then your expenses are deductible (or can be capitalized/depreciated) regardless of your state you personal occupy in. That's completely unrelated.
Fl also has no state tax- so there is no state issues for tax reporting.
Federally you report and claim all income/expenses for any business in any state (so if this is a rental) its reported
