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Would painting the interior of the condo be considered a repair? Would refinishing the kitchen cabinets (as opposed to replacing them) be considered a repair? On my husband's income, I was assuming a maximum profit sharing bonus.
Interior paint and refinishing are generally repairs, not capital improvements. Replacing the cabinets with new work would be a capital expenditure.
If your AGI, not including the rental loss is between $100K-150K, you are subject to the phaseout rules, meaning only a portion of your loss may be deductible. The closer you are to the $150K figure, then the less is allowed. Even if your income was below $100K, the maximum allowable loss to you would be $25K in one calendar year. There is a $25K limit on losses unless you are a bona fide real estate professional.