MarilynG1
Employee Tax Expert

Investors & landlords

You will still get to claim the Depreciation Expense of the Farm Property itself, as well as the Farm Equipment, on your 2023 return.   If you have no rental income, the Schedule E loss amount will decrease any other income you have on your tax return.

 

Since the property was not vacant, but was actually being rented, you can claim any Expenses associated with operating your rental, even though rent was not received. You need to claim Depreciation each year, as it does not carry over, but is considered to be taken each year the property is in use. 

 

Here's more on Rental Property Depreciation

 

 

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"