All Forum Posts by: Account Closed
Account Closed has started 1 posts and replied 3 times.
Post: Tax Reporting - Expenses on BRRRR project crossing calendar years
Account ClosedPosted
- Louisville, Ky
- Posts 3
- Votes 1
Thank you! This is very helpful!
Post: Tax Reporting - Expenses on BRRRR project crossing calendar years
Account ClosedPosted
- Louisville, Ky
- Posts 3
- Votes 1
Thank you!
Post: Tax Reporting - Expenses on BRRRR project crossing calendar years
Account ClosedPosted
- Louisville, Ky
- Posts 3
- Votes 1
My husband and I closed on our first investment property at the end of October, 2020. We incurred expenses during the last two months of 2020 as we started the renovations on the property; however, we are just now starting to see income on the property. Since we made no rental income on the property in 2020, do we still report expenses incurred in 2020? Any recommendations based on your own experiences with cross year projects and tax filing?