Rental property not rented / Owner financed property repossessed.

[steven-whatley]

We are joint owner of a house that we previously owner finance and repossessed in 2015. It has been vacant and needs repair. Can we deduct or depreciate the property and get any type of deductions?

[RichardK · Accepted solution]

If the property was available for rental, you could deduct depreciation and other cost of trying to rent the property, otherwise if you paid real estate taxes, you can claim them as an itemized deduction.