Thanks again Carl, I will try to contact AmeliesUncle as soon as I figure out how to direct my post to a particular person at TT. Meanwhile, after 30 years of tax reporting, I haven’t found any differences between the rules for it vs. rules for my other rental property which is not a coop. I would like to ask you to proceed with the answer as if this was not a coop. If agreeable, here’re my restated questions.
A sole ownership rental property was rented out for first 7 months of 2023, then taken off rental market on 8/1/23 and listed for sale. Contract was signed in October 2023, closing occurred in early Jan.2024. Questions:
1. in the last 5 months of 2023 while the property was not offered as rental, I had carrying costs. Are they deductible, and if so, in which year?
2. in the last 5 months of 2023 while the property was not offered as rental (as is typical when trying to sell a rental property), I had the place fixed up in preparation for sale (painting, minor repairs, cosmetic improvements, periodic visits, but no capital improvements). Are these deductible, and if so, in which year?
Your answer would be much appreciated.
