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Reemo Petteway's profile image
Reemo Petteway's profile image
Reemo Petteway
  • Member since Aug 11, 2020

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Reemo Petteway's profile image
Reemo Petteway's profile image
Reemo Petteway
  • Member since Aug 11, 2020
Reemo Petteway
1
Votes |
7
Posts
Buying & Selling Real Estate

Taxes deductions for Rental Property

Reemo Petteway
Posted

Hello All!

I purchased a rental property in 2020 and started an LLC. I renovated the house at the end of 2020 and moved in a tenant early 2021. Can I claim the expenses of renovating the home on my 2020 taxes? I have heard that since it is a "passive" and not "active" business that I would not be able to claim those expenses for 2020yr taxes.


I hired contractors but also did a significant portion of the work myself as well as property management (advertising, screening tenants, software mgmt, etc.)


Thanks for an insight anyone can provide!

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