My wife and I bought a house near the beach that we haven’t rented (not a vacation home, but looking for long term lease). Closed in Sept 05. We painted, cleaned it up, yard work, mtg payments (of course!), some small repairs. Can we deduct any of the expenses on our 05 taxes??
If it is stricktly rental property you can deduct just about everything you have put into it. You might want to contact a CPA also Turbo Tax has a special section for investment properties I think…for your first year in the business you might want to use a tax professional though because there are so many deductions you can take…not just the repairs ;D