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gwat
New Member

2018 Real Estate owned jointly is determined to be not eligible for a deduction since there is no income after a few years but with expenses of $2,500. Why?

 
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1 Best answer

Accepted Solutions
JulieR
Expert Alumni

2018 Real Estate owned jointly is determined to be not eligible for a deduction since there is no income after a few years but with expenses of $2,500. Why?

Since the rental has been inactive, you cannot deduct rental expenses on your return, however, you may still deduct the property taxes you paid on Schedule A of your return, if you itemize your deductions.

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5 Replies
JulieR
Expert Alumni

2018 Real Estate owned jointly is determined to be not eligible for a deduction since there is no income after a few years but with expenses of $2,500. Why?

Was this a rental not held out or offered as a rental for several years?
gwat
New Member

2018 Real Estate owned jointly is determined to be not eligible for a deduction since there is no income after a few years but with expenses of $2,500. Why?

The property was not available for rental during the past few years.
JulieR
Expert Alumni

2018 Real Estate owned jointly is determined to be not eligible for a deduction since there is no income after a few years but with expenses of $2,500. Why?

What was the $2500 expense comprised of?
gwat
New Member

2018 Real Estate owned jointly is determined to be not eligible for a deduction since there is no income after a few years but with expenses of $2,500. Why?

Real Estate Taxes Utilities and Refuse removal
JulieR
Expert Alumni

2018 Real Estate owned jointly is determined to be not eligible for a deduction since there is no income after a few years but with expenses of $2,500. Why?

Since the rental has been inactive, you cannot deduct rental expenses on your return, however, you may still deduct the property taxes you paid on Schedule A of your return, if you itemize your deductions.

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