Rental Tax Write-off
I have a condo in florida that I rent weekly. Can I write off in my taxes as expenses all the cost of the furniture that i spend to prepare this condo for rental unit. Hope some can help me because I cannot find anything about in the irs tax code. Thank you [addsig]
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If the average rental term for your unit is one week or less, you have an active income business. The furniture in the unit is a capital expense and depreciated accordingly.
Consult a licensed tax professional for specific details.