SusanY1
Expert Alumni

Deductions & credits

Having a large loss the first year renting your property isn't likely to trigger an audit.  This is a common experience. 

However, audits can be random, too.  Simply keep the proof of those expenses and you'll not have any issues.  Some of your loss from this year may carryover to next year to offset income depending on the other factors on your tax return but you should always record the expense in the year actually paid when you are a "cash basis" taxpayer (which you almost certainly are.) 

 

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