Carrying over contractor and repair cost for property I sold in 2020

[Mitry-Up]

I purchased and rehabbed a property in 2019 and it sold in 2020. I deducted some of my rehab cost for 2019 but would like to carryover some of those deductions into 2020 to offset my capital gain. Is that something I am able to do?

[ColeenD3]

If you paid for the expense in 2019, you must account for it in 2019. You can't bring any amount forward to 2020.

[Mitry-Up]

Thanks for the quick response. 

I sold the property in Feb. 2020. Can I report the profit on my 2019 taxes or must I report it on my 2020 taxes?

[ColeenD3]

No. Every tax year is separate. Anything that happens between 1/1/19 and 12/31/19 is entered on a 2019 return. Anything that happens between 1/1/2020 and 12/31/2020 is entered on a 2020 return.

[Mitry-Up]

Makes sense. Thanks again