Tax write off

[Anythinghunter8]

I have a guest house that we have been preparing and will be renting it out for the night or what ever person wants. We are still fixing it up and repairing it.

My question is how do i write those repair cost off on taxes or can i write them off?
PS I do not have a business or anything as i am still repairing and not making profit

Thanks in advanced

[clay4626]

best advice I can give talk to a cpa

[PROD49]

Create an LLC and talk to your tax guy.

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[tps7742]

Get the “right for you” tax person and follow their advice.

[Hogmauler]

Keep all receipts and get a cpa

[Codie]

Just had the same situation with a short term rental cabin on our property - my CPA took my receipts from cost of renovating into a rentable property and that total expense will be depreciated out over 27.5 years instead of being a “write off” for the current tax year alone like it would have been if it had been me making improvements to one of our long term rental properties that we already owned. Definitely talk to your CPA and get their opinion.