Previous tenant incurred significant damage on my rental property. I made all of the repairs at the end of 2017 and have those receipts. However, I sold the property in early 2018. Can I claim these losses from damages in 2018 when the property was sold, or must I first claim them in 2017 taxes and then roll them over?
I ask it this way since I would prefer the deductions in 2018. If the answer is to claim in 2017, and rollover, please include advise, if any, for doing this correctly so I don't lose them.
As a follow-up: now that the property has been sold, can I still rollover unused deductions on losses year to year, or do they expire in the year of sale? (I also took a significant loss in 2018 on the sale price alone).
Appreciate the insight!
- Drew
