I have rental property and don’t take income. I hold in the property account to plan for future repairs and upgrades. how do I claim this?

[DoninGA]

If the rental property is not available to rent then you do not report the rental property on your tax return.

[Skip112]

Thank you for your reply,

It is rented all year long and there has not been much of a “profit” until recently. So I keep all that in a separate account for that property for future maintenance, upgrades and emergencies, is that considered income to be declared?

[DoninGA]

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@Skip112 wrote:

Thank you for your reply,

It is rented all year long and there has not been much of a “profit” until recently. So I keep all that in a separate account for that property for future maintenance, upgrades and emergencies, is that considered income to be declared?

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If the property was available for rent in 2023 and you received rental income, all the rental income you received is required to be reported on Schedule E along with all your rental expenses for the year.