I have a rehab on the market at this time. If I don't sell by the end of the year, what happens to my deductions? Do I have to claim them as a loss since the house hasn't sold or will they carry over until I sell the house?
Your rehab cost is an adjustment to the basis -- not an expense. You recover your cost when you sell.
Your rehab cost is an adjustment to the basis -- not an expense. You recover your cost when you sell.