turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

dawna1266
New Member

I tried to sell my house because I bought another one. My previous home sat for months, unsold. I am now renting it. How do I account for the months it sat empty?

 
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Best answer

Accepted Solutions
Hal_Al
Level 15

I tried to sell my house because I bought another one. My previous home sat for months, unsold. I am now renting it. How do I account for the months it sat empty?

You don't account for it anywhere on your tax forms (or in Turbotax) It was simply a 2nd home and nothing (not utilities, insurance or maintenance) is deductible except mortgage interest and real estate taxes. Those are deductible, on schedule A, as itemized deductions. After entering your primary mortgage interest ad RE taxes, you will be asked if you have any additional to enter. 

If you made any improvements or had fix-up costs to get it ready to rent, those are added to your cost basis and depreciated.

View solution in original post

1 Reply
Hal_Al
Level 15

I tried to sell my house because I bought another one. My previous home sat for months, unsold. I am now renting it. How do I account for the months it sat empty?

You don't account for it anywhere on your tax forms (or in Turbotax) It was simply a 2nd home and nothing (not utilities, insurance or maintenance) is deductible except mortgage interest and real estate taxes. Those are deductible, on schedule A, as itemized deductions. After entering your primary mortgage interest ad RE taxes, you will be asked if you have any additional to enter. 

If you made any improvements or had fix-up costs to get it ready to rent, those are added to your cost basis and depreciated.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question
Manage cookies