@taxesohmy2017 wrote:
We want to make sure we understand this as well. For our 2022 we don't have to worry about dividing expenses because we didn't use the condo for Personal Use - correct?
Correct. You do not have to be concerned with dividing expenses since there was no personal use.
Unfortunately, however, the net loss is still a passive loss and will be carried forward unless you have passive income that the passive loss can be used to offset.
Also, if your MAGI is under the income limit, you can deduct up to $25,000 of the loss against your other income.
See https://www.irs.gov/publications/p527#en_US_2022_publink1000219124
