Hello, I bought a property in May 2019, with FULL intentions to rent it to students for the Sept 2019 start. (Emails to contractor and work support my intentions). I probably could have rented it out but wanted to repair things and bring back to the original condition. Anyway, my contractor quoted me about 67k to do the work, but left me at about that amount but I couldn’t rent it yet, and I was forced into doing the work myself. So in 2019 I hhave around 75-80k total as expenses/renos/repairs. Well, it’s now March 2020 and due to me working full time shift work I’ve FINALLY just finished the job. So we didn’t have rental income on that property in 2019 and I’m wondering can this be claimed on that property. I’m hearing SO MANY various ideas, it’s confusing. We also have another rental property which was rented out in 2019 and had about 28k gross income. So I’m wondering if I can claim my full 80k, or should some be on the other property? It’s so confusing.
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