Moved from CA to WA on Jan 2018 and decided to convert my CA primary residence home for rental. Amount of remodeling, repairs and moving logistics didn't permit renting out in 2018. Remodel+repair expenses total $50k.
Can I file schedule E for 2018 with $0 rental income but claim all the rental expenses and suspend it to offset future rental income? Will separate expenses into amortized improvements vs repairs+maintenance of course.
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Yes, the expenses would need to be carried-over if there is no income to apply them to. The improvements are added to the basis.
Here is more information:
https://ttlc.intuit.com/replies/3288530
Yes, the expenses would need to be carried-over if there is no income to apply them to. The improvements are added to the basis.
Here is more information:
https://ttlc.intuit.com/replies/3288530
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