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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?
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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

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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