The home I'm currently living in will become my first rental at the end of January 2021. I have it listed now on multiple sites and put a lot of rehab into it in the 2020 year.
Since it was not a rental in 2020, am I able to list capital expenditures during the year of 2020 on my taxes when I file in 2021? I hope that makes sense and I appreciate any advice!
I believe this is what you're asking:
You're spending $XXX on property improvements in 2020, preparing to make it a rental from Feb 2021. Is this money wasted?
No, it is not wasted. You will be able to start depreciating these expenses once the property becomes a rental in 2021. The exact mechanics of how it is calculated can get complicated though.
Yes, @Michael Plaks that is what I am asking. And thanks for the answer!