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gatlindoris
Returning Member

I sold 2 pieces of rental properties on dec. 18,2017. should I depreciate them for 2017

should I depreciate rental property I sold dec. 18, 2017
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Coleen3
Intuit Alumni

I sold 2 pieces of rental properties on dec. 18,2017. should I depreciate them for 2017

Yes, at least while is was being rented. See below for the time period between the time the tenants left and you sold it.

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.

Vacant while listed for sale. If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses.

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1 Reply
Coleen3
Intuit Alumni

I sold 2 pieces of rental properties on dec. 18,2017. should I depreciate them for 2017

Yes, at least while is was being rented. See below for the time period between the time the tenants left and you sold it.

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.

Vacant while listed for sale. If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold. If the property is not held out and available for rent while listed for sale, the expenses are not deductible rental expenses.

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