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.
You'll need to sign in or create an account to connect with an expert.
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
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
caycee12
New Member
bigjim1216
New Member
870a1fa85a83
New Member
richardmaketa
New Member
heather-renaewhi
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.