It depends. If your residential rental property is not and was not available for use all of 2022, then you are limited.
- Vacant rental property. If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. However, you can’t deduct any loss of rental income for the period the property is vacant.
- If your property was available and ready for use the entire year, with advertising creating public awareness and you were just unable to rent it, then all expenses would be allowed. Be prepared with your proof of efforts.
- If there was any personal use of the property, then there are further limits explained in Chapter 5.
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