Can a land contract be cancelled?

stick46 — Thu, 06 Jun 2019 08:19:15 GMT

Where would I enter repairs and replacement equipt for my rental home that was sold on a land contract in 2017? The buyer only paid for 3 mos of 2018, and trashed the place, can I recover these expenses? Do I need to rent it out again, or can it just stay listed as for sale with a realtor?

You may be able to recover some of the cost to repair the...

Leonard — Thu, 06 Jun 2019 08:19:17 GMT

You may be able to recover some of the cost to repair the damage to your rental property caused by your tenants.

You will file a casualty loss for any expenses above what if any insurance reimbursement you received.

You will file your casualty loss on Form 4868 which is supported by TurboTax. Search for 4868 and follow the program prompts to enter your loss

You do not need to rent it out again if you have it listed for sale by a realtor however if it sits for a prolonged period of time without any rental income you may not be able to claim all your expenses such as taxes, insurance because you are not showing an intent to produce rental income.

The link below has information that you may find useful.

https://www.irs.gov/taxtopics/tc515

topic Can a land contract be cancelled? in Get your taxes done using TurboTax

Can a land contract be cancelled?

You may be able to recover some of the cost to repair the...