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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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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