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SandyG19
Level 2

Can a R. Estate agent renting own condo for 245 days in 2018 claim a loss? TT is allocating all expenses so that they equal income. Not just interest and taxes.

If I input 365 years on the system and allocate the expenses manually, I can get a loss.  But if I put 245 days in, I cannot as expenses are always matching income, which makes no sense because I'm a Real Estate agent. 

4 Replies
Anita01
New Member

Can a R. Estate agent renting own condo for 245 days in 2018 claim a loss? TT is allocating all expenses so that they equal income. Not just interest and taxes.

Being a real estate agent makes no difference at all.  If there was personal use then everything is allocated.  If there was no personal use, then your entries were incorrect because you should have said that business use was 100%, meaning there was no personal use once you started renting it.

SandyG19
Level 2

Can a R. Estate agent renting own condo for 245 days in 2018 claim a loss? TT is allocating all expenses so that they equal income. Not just interest and taxes.

Thanks.There was personal use as the condo was rented 245 days and the rest personal. If i put 365 and not personal, I get the correct loss amount and I allocate the expenses manually and input.  For example, I only expense the home owner association fees related to the 245 days and not the personal ones.

However, if I insert the 245 number in, everything is allocated and I don't have a gain or a loss- I get the income to be ALWAYS the same as expenses, which is odd.
Anita01
New Member

Can a R. Estate agent renting own condo for 245 days in 2018 claim a loss? TT is allocating all expenses so that they equal income. Not just interest and taxes.

It's not odd at all.  Property use where there's personal use mixed with rental use,as in a vacation home, does not allow for losses except stemming from very particular expenses.
Read this:<a rel="nofollow" target="_blank" href="https://www.irs.gov/taxtopics/tc415">https://www.irs.gov/taxtopics/tc415</a>
SandyG19
Level 2

Can a R. Estate agent renting own condo for 245 days in 2018 claim a loss? TT is allocating all expenses so that they equal income. Not just interest and taxes.

Thanks
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