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Rental property

ramraor
Level 2

Rental property  Income this year is NIL - can I claim rental losses in 2019 based on mortgage

interest, real estate taxes, depreciation, etc deduction claimed ?Earlier years, there was rental income and expenses but only this  year 2019, rental property remained vacant whole year, though

some repair work and other activities continued - Sine there is no renal income this year 2019, whether one should file file Schedule E form ?

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Accepted Solutions
singh
Level 7

Yes you can deduct all those expenses even though there was no income. I believe the house was available for rent.

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4 Comments 4
Just-Lisa-Now-
Level 15
Level 15

Was it available for rent but they just couldn't find suitable tenants?  


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
ramraor
Level 2

As advised,  during earlier years, there were both - rental income and  deductions related to 

related to residential property - it is only in 2019 house remained unoccupied because house

was not perfectly fit for residing  - therefore there were expenses worth $ 29500/- for 2019

and no rental Income in 2019 - In short, can one claim deductions and losses on rental property

for 2019 tax return filing

 

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singh
Level 7

Yes you can deduct all those expenses even though there was no income. I believe the house was available for rent.

Terry53029
Level 14
Level 14

If the expenses are for a major remodel (sounds like, as you said not fit) You depreciate over 27.5 years