Discussion:Vacant Rental Property
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| Revision as of 00:38, 22 January 2009 Taxea (Talk | contribs) (If no depreciati) ← Previous diff |
Revision as of 03:48, 22 January 2009 HAPPY TAX (Talk | contribs) (I might be missi) Next diff → |
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| {{ForumReplyPost|UserID=Taxea|Date=22 January 2009|Text=If no depreciation has been taken or a return has not been filed with the Sch E attached then what would be the purpose of filing Sch E. Improvement expenses should be added to the basis...repair expenses are non-deductible as are all other expenses that would not go on Sch A. taxea}} | {{ForumReplyPost|UserID=Taxea|Date=22 January 2009|Text=If no depreciation has been taken or a return has not been filed with the Sch E attached then what would be the purpose of filing Sch E. Improvement expenses should be added to the basis...repair expenses are non-deductible as are all other expenses that would not go on Sch A. taxea}} | ||
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| + | {{ForumReplyPost|UserID=HAPPY TAX|Date=22 January 2009|Text=I might be missing something but I'm not sure why Taxea considers the repair expenses to be nondeductible. I'm not saying you're wrong. I just don't understand your answer. Is it because of the possibility that the home might be sold in 2009 never having been rented? I know it's tacky to cite an IRS publication. Nevertheless, IRS Pub 596 on pg 3 under Pre-Rental Expenses permits upkeep and ownership expenses once the property is made available for rental, and pre-rental depreciation is also discussed on that page. It's very late, I'm very tired, and I might be missing something that you picked up on. If you get a chance to clue me in, please do. I'm thinking it might have something to do with the possibility of sale in 2009. Thanks. | ||
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Revision as of 03:48, 22 January 2009
Discussion Forum Index --> Advanced Tax Questions --> Vacant Rental Property
Discussion Forum Index --> Tax Questions --> Vacant Rental Property
| 22 January 2009 | |
| Property was a residence for 2 years but the status changed in Jan 2008, when it became available for rent. Market dried up and the home has not been rented yet. Client has documentation showing good faith effort to rent the property. Does there have to be rental income before the property is viewed as a rental? How should this be handled? If the home is sold in 2009 without getting a renter, will it be considered a rental? | |
| 22 January 2009 | |
| If no depreciation has been taken or a return has not been filed with the Sch E attached then what would be the purpose of filing Sch E. Improvement expenses should be added to the basis...repair expenses are non-deductible as are all other expenses that would not go on Sch A. taxea | |
| 22 January 2009 | |
| I might be missing something but I'm not sure why Taxea considers the repair expenses to be nondeductible. I'm not saying you're wrong. I just don't understand your answer. Is it because of the possibility that the home might be sold in 2009 never having been rented? I know it's tacky to cite an IRS publication. Nevertheless, IRS Pub 596 on pg 3 under Pre-Rental Expenses permits upkeep and ownership expenses once the property is made available for rental, and pre-rental depreciation is also discussed on that page. It's very late, I'm very tired, and I might be missing something that you picked up on. If you get a chance to clue me in, please do. I'm thinking it might have something to do with the possibility of sale in 2009. Thanks. | |
