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What does TurboTax mean here: Was the Property Rented for all of 2019? Are they asking if it was for rent for the whole year or was it actually rented for the whole year?

You understand that it is confusing. I tried to rent the townhouse out for the whole of the year, had it listed with an agent but it was not actually rented out until 4 months into the listing. During the 4 months, I had no one living in it. So should I say it was rented for 12 months or for 8 months?
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Accepted Solutions
MinhT1
Expert Alumni

What does TurboTax mean here: Was the Property Rented for all of 2019? Are they asking if it was for rent for the whole year or was it actually rented for the whole year?

You rental property is considered rented from the day it was listed on the rental market. You should answer that it was rented all year.

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4 Replies
MinhT1
Expert Alumni

What does TurboTax mean here: Was the Property Rented for all of 2019? Are they asking if it was for rent for the whole year or was it actually rented for the whole year?

You rental property is considered rented from the day it was listed on the rental market. You should answer that it was rented all year.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Carl
Level 15

What does TurboTax mean here: Was the Property Rented for all of 2019? Are they asking if it was for rent for the whole year or was it actually rented for the whole year?

The day count starts on the first day a renter "could" have moved in. Vacant periods between renters count also, provided you did not live in the house for one single day as your primary residence, 2nd home, vacation home, or any other "personal pleasure" use. The fact it sat empty for 4 months while being advertised is irrelevant.

What does TurboTax mean here: Was the Property Rented for all of 2019? Are they asking if it was for rent for the whole year or was it actually rented for the whole year?

If the property was being repaired due to the damages from the previous tenant and the property is listed for a future occupancy date (date when repairs would be completed), I assume the days it was being repaired are not counted as days it could have been rented even if it was listed then. Can you please confirm? Thanks 

LeticiaF1
Employee Tax Expert

What does TurboTax mean here: Was the Property Rented for all of 2019? Are they asking if it was for rent for the whole year or was it actually rented for the whole year?

Since the property is a rental property, you may be able to deduct your ordinary and necessary expenses while the property is vacant.  These include depreciation,  managing, conserving, or maintaining the property. The only thing you can't deduct is the loss of rental income.  

 

IRS Publication 527, Residential Rental Property

 

@Lizy  

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