moving into my rental property to renovate

[Joseph Vu]

I currently own an older rental property. The lease has ended for my tenants and i want to move into it for about a year to renovate it, and later rent it out again at a higher price. Am i able to write off any renovations in my taxes if i am living in it since it will not be producing me any income while i am residing in it?

[Natalie Kolodij]

The renovations can be added to basis and they'll be depreciated once it's back in service. 

You can't deduct any thing while it's your home- and I would freeze depreciation for that time since it's being taken out of service for longer than normal renovation time for your purposes.