Deducting Startup Costs for STR Taxes
Hello! We purchased and started renting out a short term rental in 2019. There was about a period of 1-2 months that we worked on getting the house fixed up and furnished prior to listing aka the pre-revenue stage.
I'm trying to understand how to properly write off/capitalize these expenses on Schedule E. From what I understand, you can write off up to $5000 in startup costs and depreciate the remaining?
Where is Schedule E do you write off the $5000? Is it under miscellaneous expenses? Thanks!