- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Investors & landlords
What is "retired from use date" for a rental property?
That would be the date you converted the property from a rental, to personal use.
My property was a rental from Jan-Oct 2022 but my tenant was not paying rent.
That's irrelevant, and has nothing to do what-so-ever with the date you converted it to personal use. In fact, based on my understanding of your post, I see no reason to convert the property to personal use.
My tenant damaged the property so I had to remodeled the property from Oct-Nov 2022 and listed it for sale.
Okay.
The property was sold in beginning of 2023.
Okay.
May I expense property tax, insurance, depreciation, utilities and mortgage interest for full year of 2022?
If you left the property classified as a rental for the entire year, then yes.
Also may I expense remodeling cost?
No. What you are calling remodeling costs, I'm assuming are property improvements (as opposed to repairs or maintenance). Property improvements are added to your cost basis of the property, which will reduce your taxable gain realized from the sale.