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Investors & landlords
@ggwe390956 So sorry this happened. Yes, you can continue to claim your expenses if the property is temporarily idle and you plan to rebuild and rent it in the future. Claim it was rented all year regardless.
https://www.irs.gov/taxtopics/tc515 will be helpful to you to claim losses related to the casualty if they are not reimbursed by insurance.
This is rental property rules.
https://www.irs.gov/publications/p527
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
***Say "Thanks" by marking as BEST ANSWER and clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer" I am NOT an expert and you should confirm with a tax expert.
March 16, 2023
4:19 PM
2,253 Views