I’m buying a house in Colorado Springs to be used as a

Question : I’m buying a house in Colorado Springs to be used as a Airbnb. I’m squiring it the December 2nd. Before I take out the required license can I still deduct expenses for the year 2019?<br/>JA: I’ll do all I can to help. Can you tell me more about what’s going on?<br/>Customer: i was thinking of buying some furniture after December 2nd and using it as a business deduction for 2019 even before I take out the business license<br/>JA: Is there anything else the Expert should be aware of?<br/>Customer: that’s it.
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Answer : The first year is the year when you place the add-in newspaper, for rent sign in the window or sign a contract with a RE agent to rent it out. You can deduct your expenses like minor repairs, fees, permits, supplies as start-up expenses. Anything else, like closing fees, cost of furniture, cost of house you will depreciate. I would suggest not to purchase the furniture until 2020 so you can depreciate it over 7 years instead of 27.5.

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