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Re: ProSeries Tax Business - Ask An Expert
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KMF
Level 1
03-15-2021
11:08 AM
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Client buys a Condo in 2020 for an investment and to rent out. Makes repairs and improvements. Has expenses related to it. However never rents it out in 2020...no income. He decided to sell in Jan. 2021!
Since his intention was to rent it, can the asset be set up and can any tax deductions be taken for 2020?
Thank you,
Kathy Fandel
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1 Comment 1
TaxGuyBill
Level 15
03-15-2021
11:26 AM
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Was it advertised, and ready-and-available to be rented? Whatever that answer is, that is the same answer to your question.
