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Level 1

Question

Rental property.

Forum|Forum|3 years ago
October 8, 2022
1 reply
0 views

I purchased a home to be a rental property in 2020. It is to be put out to rent in 11/22 after repairs and improvements. When should i include it on my taxes? and when and how do I include the expenses from 2020 to 11/22?

Level 2

You should be including it from 2020 forward. This allows you to carry forward any losses and deduct them against future income. This is reported on schedule E.