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Deducting expenses from destroyed property
We have a rental property that was destroyed by fire in 2023. It was cleaned up by the government, and has been an unused empty lot for all of 2024.
We still had legal and accounting expenses for it. Are these deductible, e.g. to offset some gain from an unrelated property? Or is this not possible since at this point, it really can't be called a 'rental property' anymore?
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March 1, 2025
2:04 PM