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

dennis11
Level 2

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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PATAX
Level 15

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

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3 Comments 3
Just-Lisa-Now-
Level 15
Level 15
Cant be used until the rental is put in service, otherwise it just adds to basis.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
PATAX
Level 15

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

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dennis11
Level 2

Thank you