Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
stillthestuff
New Member

What tax deductions can i file for a codo i bought from my 457 retirement fund.This was after retirement and for the purpose of having my unemployed sister to live in.

I received no rent monies last year and paid property tax. Can i deduct fair market rent as a loss?
1 Best answer

Accepted Solutions
jerry2000
Alumni

What tax deductions can i file for a codo i bought from my 457 retirement fund.This was after retirement and for the purpose of having my unemployed sister to live in.

No. You do not appear to be using it as a rental. You can not ever claim a loss on income that you did not receive. You either have a rental that you are renting at below market value, in which case you are limited in what you can claim, or you have a second home and you can deduct mortgage interest and taxes only.

You can find details of what you can and can not deduct as rental expenses in IRS Pub. 527 at this link
https://www.irs.gov/pub/irs-pdf/p527.pdf

View solution in original post

1 Reply
jerry2000
Alumni

What tax deductions can i file for a codo i bought from my 457 retirement fund.This was after retirement and for the purpose of having my unemployed sister to live in.

No. You do not appear to be using it as a rental. You can not ever claim a loss on income that you did not receive. You either have a rental that you are renting at below market value, in which case you are limited in what you can claim, or you have a second home and you can deduct mortgage interest and taxes only.

You can find details of what you can and can not deduct as rental expenses in IRS Pub. 527 at this link
https://www.irs.gov/pub/irs-pdf/p527.pdf

View solution in original post

Dynamic AdsDynamic Ads
Privacy Settings
v