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F
Frustrated in NJ
Level 3
March 9, 2021
Question

Rental Losses

  • March 9, 2021
  • 6 replies
  • 34 views

How do we handle rental properties that were not rented at all during 2020 due to covid?  The program is saying not a valid rental but that is not true due to the pandemic.  Has anyone figured out how to report this info?

This topic has been closed for replies.

6 replies

T
TaxGuyBill
March 9, 2021

If the property was available to be rented, the work-around would be to say it was rented for 15 days.  It's not ideal, but it will make the software work.

If the property was not available to be rented, then more information would be needed.

    F
    Frustrated in NJAuthor
    Level 3
    March 12, 2021

    It was available and then covid shut it down and then the clients didnt want to rent it.

    T
    TaxGuyBill
    March 12, 2021

    Then you would still need to do the work-around and say it was rented for 15 days.

    But you said that after Covid started, the clients did not want to rent it.  So it was no longer a rental at that point. That means that you only enter the expenses (and depreciation) for the time it was available for rent.

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