But I have a lot of expenses due to the reno. Is there another place to deduct the expenses? If not, am I able to deduct 2018 expenses on my 2019 tax return? I do plan on having it rented in the next few months.
You'll need to sign in or create an account to connect with an expert.
Yes, you can claim those expenses in 2018, even if you had no rental income, but only if you had made the rental available for rent during the renovations.
Follow these steps to enter your rental expenses for 2018, if you had rented or attempted to rent in 2018
If your rental was not available for rental use in 2018 you will not be able to report the expenses on your 2018 tax return. If this is the case these expenses will be added to your cost basis in the property to calculate your adjusted basis. These expenses can only be deducted after you have placed the rental into service, and the property is available to rent. See IRS Pub 527, page 7 for help with figure your cost basis in light of these expenses: https://www.irs.gov/pub/irs-pdf/p527.pdf
[Edited 03/19/2019 | 1:55 pm PDT]
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
sunshine39
Level 2
Think57
Level 3
tiffanilyons82
New Member
tljackson1542
New Member
fisheka
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.