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Rental Property purchased the end of 2021, no income but pay tax and maintenance, can I deduct these from income?
Hi, I have a question about rental property. I got this property Dec 2021. Paid tax, interest and did some maintenance. I entered all the information, but it did not change my refund value in TurboTax. One of the agent told me that is because I did not make income and the rental expense can only be deduct from rental income but not total income of 2021. I wonder if this is true? And can I recapture this loss for tax return 2022 when I have income?
Additionally, I am a residence of WA but the rental property is in NC. Since no income was made from Rental and I am not a NC residence, do I need to file NC tax for 2021?
Thank you in advance
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‎February 27, 2022
8:44 AM