Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
anup_aravind
Returning Member

I converted my primary home to rental in Sep'19 but couldnt find tenant in 2019. Should I file rental expenses and carry forward or wait till 2020 to file a rental propty

 
2 Replies
Anonymous
Not applicable

I converted my primary home to rental in Sep'19 but couldnt find tenant in 2019. Should I file rental expenses and carry forward or wait till 2020 to file a rental propty

if the property was available for rental in 2019 and you made efforts to find tenants, then report it in 2019,  you' are required to take depreciation on the property for the period it was available for rental.   if it wasn't available for rental or you made no effort to rent it in2019 then those 2019 expenses would be start-up expenses where they would be deductible in 2020. 

anup_aravind
Returning Member

I converted my primary home to rental in Sep'19 but couldnt find tenant in 2019. Should I file rental expenses and carry forward or wait till 2020 to file a rental propty

Thanks for the quick response. Are the expense deductions carried forward to 2020 ? I don't qualify to deduct them in 2019 from my income and I don't have any rental income to deduct them from. Also, are mortgage interest, property tax, utilities etc. considered to be a part of that startup expense ?

Dynamic AdsDynamic Ads
Privacy Settings
v