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gofishing
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Last year we tore down the house on our rental property because it was beyond repair. Is there anything we can deduct for loss of the house/rent for the year?

 
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view2
New Member

Last year we tore down the house on our rental property because it was beyond repair. Is there anything we can deduct for loss of the house/rent for the year?

Property taxes are a deduction .

IRC Section 280B disallows deduction for the cost of demolishing buildings.  This cost, and the remaining building basis, is to be added to the lands' basis, therefore would only be recovered upon a future sale of the land.

Loss rent is never a tax deduction on a residential rental property.

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