All Forum Posts by: Luke Wahlstrom

Hello,

I just purchased a duplex in which my family and I plan to live in one side for the next several years and then roll it into a long term investment we hold.

We are doing several cosmetic repairs to the interior. I understand that there is no deductions of these repairs for my current tax year.

However, should I be maintaining records and receipts of the expense of these repairs for capital gains and depreciation reasons in the future? Does the money I am putting in now raise my basis when it comes time to eventually sell down the road when it is a full rental unit no longer owner occupied?

Thanks,

Luke