When entering a rental property info, zero (0) days rented a fair market price (vacant during part of the year) was entered for the property and turbotax indicates that is a non-for-profit thus it must be deleted from the tax return.
Where do I enter rental expenses I incurred? It says in deductions and credits, but where exactly?
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It is no Not-for-Profit because there was no income. I just went through the program and had no problem. You have to say that you converted from personal use, zero days rented but also zero days personal use.
See the screen shot below.
It is no Not-for-Profit because there was no income. I just went through the program and had no problem. You have to say that you converted from personal use, zero days rented but also zero days personal use.
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 cannot
deduct any loss of rental income for the period the property is vacant.
See the screen shot below.
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