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Investors & landlords
Note the first seven words: "If you hold property for rental purposes...."
After the last tenant moved out, you were not holding the property for rental purposes. Any expenses incurred after the renter moved out are not deductible on SCH E. Period.
However, you can total up items 1 and 2 and claim them as sales expenses. Items 3 & 4 add to your cost basis. Item 5 is a carrying cost, and you will have to pro-rate that amount for the period of time between the date the last renter moved out, and the closing date of the sale.
Property taxes for the period of time it was a rental up until the time the last renter moved out, are claimed on SCH E.
‎September 19, 2024
5:53 PM