I rent out a condo. Last year (2017) there was a short duration in which the property was vacant. Can i deduct that loss of rental income for that time period? There is conflicting information out there for 2017. Publication 527 says I cannot, but others are saying that i may be able to deduct under certain situations, but I can't find an IRS source document that explicitly states the situations that will permit the deduction. Anyone have the official word?
You'll need to sign in or create an account to connect with an expert.
No, you cannot deduct the loss of income for your condominium. However, if you incurred expenses while the unit was vacant that was required in order to maintain the unit, you could include them in expenses. ?
"Vacant rental property. If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. However, you can’t deduct any loss of rental income for the period the property is vacant." [From: https://www.irs.gov/pub/irs-pdf/p527.pdf]
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
user17683222006
Level 1
TylerRoadie
Returning Member
deandery
New Member
Curious_George_123
New Member
manbeing
Level 6