USA Moving to another house and Renting out my current house


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My wife and I want to rent out our current home. We want to fix it up by doing some painting, putting in new carpet, etc. Is there a way we can claim this as an expense on our taxes?
 
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Yes you can capitalize and depreciate or, in some circumstances, expense as repairs and maintenance on your schedule E. Either way be sure to keep track of your expenses and receipts.

Also, something very important, was this house your primary residence prior to renting? If so, be sure to sell the house in the next two years after you move out otherwise you will lose the $500,000 exclusion you get when you sell your primary residence. If you are looking to invest in rental property long term I suggest coupling the $500,000 exclusion with a 1031 exchange to really save on your taxes.

My biggest piece of advice though is to contact a CPA and talk with them and explain your exact situation so they can best help you tax plan.
 
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Yes it is currently my primary residence that I'm wanting to rent out. When you say sell within the next two years are you talking about the house I will be moving out of and began renting out to someone or are you saying to sell the house I moved into after I moved out of my primary residence?
 
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