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Level 2
April 3, 2021
Solved

can rental expenses (de-leading) be claimed on a 2020 return if the unit was not rented until 2021

  • April 3, 2021
  • 3 replies
  • 24 views

substantial updates were done to a rental unit in 2020 but the unit was not rented until 2021 can the expenses be claimed on a 2020 return

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Best answer by PATAX

It is called The General matching principle, IE match income and expenses.

3 replies

Just-Lisa-Now-
Intuit Community Champion
April 3, 2021
Cant be used until the rental is put in service, otherwise it just adds to basis.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
PATAXAnswer
Level 12
April 3, 2021

It is called The General matching principle, IE match income and expenses.