Hi all,
In February 2020, my wife got back a home she had in a living trust when the relative passed away. We began repairing the home in June and hired a property manager to put it on the market as a rental in October.
We only just got a tenant in March 2021, at which point it was brought to my attention about possible tax deductions on money spent to maintain the home, including utilities, property taxes, etc. Basically, we spent money on what would be deemed "ordinary and necessary" repairs -- painting, repairing/replacing light fixtures and appliances, etc. -- nothing that would be considered major "improvements."
Here's the thing: I found out about this AFTER my wife and I filed jointly for 2020.
My question: Can/should I amend our return to address money spent on the rental for 2020? We didn't get any rental income (no tenant for 2020) but did spend thousands of dollars on property taxes, home insurance premiums, said ordinary and necessary repairs, etc.
Thanks for any advice!
- Rene
