Hi
My offer for a 'do'er upper' has just been accepted. This is my first foray into an investment property and my original plans for living in it and renovating it myself have drastically changed and now I'm forced to try and rent the property out .
Only problem now is that it is a real wreck and not really rentable until I spend alot of money on it (which I don't have at the moment) so there is a good chance it won't be tennanted for a few months at the very least and will be empty.
My query is: can I still claim the interest paid on my loan while it is untennanted and also perhaps claim depreciation?
Thanks for any replies
Tim
My offer for a 'do'er upper' has just been accepted. This is my first foray into an investment property and my original plans for living in it and renovating it myself have drastically changed and now I'm forced to try and rent the property out .
Only problem now is that it is a real wreck and not really rentable until I spend alot of money on it (which I don't have at the moment) so there is a good chance it won't be tennanted for a few months at the very least and will be empty.
My query is: can I still claim the interest paid on my loan while it is untennanted and also perhaps claim depreciation?
Thanks for any replies
Tim
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