Again, thank you very, very much for the generous sharing of your taxation knowledge.
I'm a bit hesitant as I'm sailing through uncharted territories of taxation. Note, thanks to you, I feel very privileged & confident in filing but with the additional precautions & knowledge I've read coupled with what you've shared I again summarize my position & ask one more time . . .
In summary,
FACTS= My rental property was renovated & completed last part of 2019 but always available for rent or sale. Jan 2020, rental fully available in move-in condition & advertised for rent or purchase up to sold date. Rental income -$0- in 2019/2020. Entered in TT that improvements were available after renovations which is 1/2/2020. Additional but routine repairs (after renovations) did occurred in 2020 before sale. Sold fully depreciated property June 2020. Rental income -0- in both yrs was passive & per TT questions w info, qualifies as Qualified Business Income- even though -0-. Again Premier TT informs within question, that passive rental income is QBI. Taking the Safe Harbor route, I saved about $1K in taxes. Just about all improvements were allowed to be deducted as expense for the yr. 2020. Again, I have no rental income & +/- $10K in improvements based on TT shown options appear to be permitted as a expense for the yr.
QUESTION= With all the facts presented, the only obstacle I have in filing right now is the question of -0- rental income for 2019/2020. Am I permitted to take Safe Harbor steps if -0- rental income?
