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We rented condo for 2 months, repair cost is $14500, HOA is $310 a month and property taxes are $1400. Our loss $17820 for the 2017. Could we deduct our rental loss?
I have rented my condo for 6 years, in 2017 the unit was rented for only January and February. After tenant moved out in March we decided to do some repairs: replaced carpet, windows, kitchen cabinets and repainting. Now, we are ready to rent it out again. So far, our income from rent is $1800 for 2 months, our repair cost is $14500, our HOA is $310 a month and property taxes are $1400. Our loss would be $17820 for the 2017. Would we able to deduct our rental loss?
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We rented condo for 2 months, repair cost is $14500, HOA is $310 a month and property taxes are $1400. Our loss $17820 for the 2017. Could we deduct our rental loss?
You can deduct the regular annual expenses like insurance, taxes, HOA etc but the "repairs" you mention are not all expenses ...
Windows & cabinets are improvements depreciated over 27.5 years, the carpet is 5 year property but the paint can be a repair ... you can report it all on the Sch E even though the property was empty for a time.
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We rented condo for 2 months, repair cost is $14500, HOA is $310 a month and property taxes are $1400. Our loss $17820 for the 2017. Could we deduct our rental loss?
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We rented condo for 2 months, repair cost is $14500, HOA is $310 a month and property taxes are $1400. Our loss $17820 for the 2017. Could we deduct our rental loss?
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We rented condo for 2 months, repair cost is $14500, HOA is $310 a month and property taxes are $1400. Our loss $17820 for the 2017. Could we deduct our rental loss?
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