Deductible Expenses Renovating Historic Home Over the past 4 years I have been renovating a historic house as a vacation home/rental property. It is a distance away from where I live and I have made numerous weekend trips to work on it. I rented it for the first time this past year and want to start deducting it. I have kept good records and I assume that all repairs made to it over the years can be become part of the basis for depreciation. Can the accumulated mileage be part of this basis? Can equipment (tools, etc) I bought to renovate it and will stay with the property be included? Can past taxes, insurance, etc. also be included? Or only those of the year of rental?
Comments will be appreciated. Thanks! |