topic Re: rental in Retirement tax questions

rental

PRGearup1 — Tue, 04 Feb 2025 18:52:15 GMT

Rented condo for several years. Last year it was advertised for rent but never a renter. Can I write off the rental loss and depreciation, mx, etc (with some personal use). How do I enter the loss?

Re: rental

RobertB4444 — Tue, 04 Feb 2025 19:45:03 GMT

As long as the property was available for rent (keep documentation to prove that) then the rental expenses are still valid. Just enter the rental property as you normally would with your rental income as zero dollars.

@PRGearup1

Re: rental

PRGearup1 — Wed, 05 Feb 2025 22:14:59 GMT

Thanks but it asks, "days rented at fair market value" and then "personal use" I put 120 days personal use. So do I put 240 days "rented" at fair market value even though I did not get anyone but had it up for rent on Zillow, or put "0" which the form then shadows red.?

Doug

Re: rental

RobertB4444 — Wed, 05 Feb 2025 22:20:40 GMT

Yes, you will put 240 in the days rented at fair market value since it was on Zillow and available to rent at a fair market value the entire time.

@PRGearup1

Re: rental

PRGearup1 — Thu, 06 Feb 2025 14:26:36 GMT

Again, thank you. My hesitancy to enter expenses after 240 listed for rent and personal 120 is that the IRS pub says "if you did use the unit as a home and rented the unit out for fewer than 15 days in 2024, do not report rental income and do not deduct any rental expenses. If you itemize deductions on Schedule A, you can deduct allowable interest, taxes, and casualty losses." The statement is not clear. It was listed as rental for 240 days but no takers.

Thank You ,

Doug

Re: rental

PatriciaV — Thu, 06 Feb 2025 16:54:29 GMT

As long as it was available to be rented during that time, you can claim rental expenses. If it was listed for only 240 days of the year, the remainer is not necessarily personal use.

According to IRS Pub 527 - Vacant Property:

If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant.

Personal Use Days are any days that you used the rental space during the period it was available to be rented.

If you did not personally occupy the space while it was rented, you would enter zero personal use days.

See the examples here: IRS Pub 527 What is a day of personal use? and the later discussion of days used for maintenance.

@PRGearup1