Vacation property vacant vs rehab

Vacation property vacant

Q: Now that we purchased a Vacation property vacant how would I track my expenses when I rehab or the property is vacant?

A: There are two things to consider when your Vacation property is vacant, is the property under construction or is it ready to rent?

Is the Rent Vacation Property? That means you are still fixing the property so it can be livable.

  • If the answer is NO then you capitalize all the expenses.
  • If the answer is YES then you capitalize all the major expenses that increase the value of your property and expense the repairs.

Good Luck on your property.

Gita Faust

About the Author

Gita Faust has over 30 years of accounting experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author. Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management. To share her knowledge she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.

Leave A Comment

Leave a Reply

Your email address will not be published. Required fields are marked *