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Sinking_ship1

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Posts: 2
Reply with quote  #1 
Moved from house years ago. Estranged wife lived on property. She moved in april. Spent loads of money to repair and update to rent. Managing debt due to it. Avail since June. No tenant. A friends sister who is an accountant said I can't write or deduct any expenses or anything because I didn't have tenant in 2012. Is that true?? Looking for second opinion. Maybe experience. I actively looked for tenant. At one point a friend was going to rent and lived there a month but then backed out. Didn't receive any rent though. I put a lot into getting it rented. Changed insurance policy, etc. Any advise is appreciated! Even name of an an experienced accountant in lehigh valley, pa! Thanks
Maxmillian

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Posts: 31
Reply with quote  #2 
Your sister's accountant friend is mistaken.If these expenses are part of a major restoration you must add them to your basis or set up a separate schedule and depreciate everything over 27.5 years  Depreciation starts when the property is ready to rent.I think anyone who lets a "friend " or relative  in without payment is very naive and will often  get burned.
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