Tax Deduction on Rental Property
I'm scheduled to close on my first investment condo next week. The place need a little TLC, I should be able to get it ready for rent by the end of November. I'm not sure how long it will take to rent the place out. What if I can't rent it out before the end of the year. I will have no rental income. Can I still deduct the HOA fee, closing cost, home inspection fee, home repair or whatever expenses incurred on the investment condo when I file my tax return for 2012?