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Can we deduct moving expense for renter

On December 29, 2020 we closed on a house for our daughter who was divorced.  She is paying us rent for the house. Can we deduct the moving expense that WE paid for on the Schedule E?

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4 Replies

Can we deduct moving expense for renter

Moving expenses are not deductible on a federal return except for certain active duty members of the military.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-re...

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

Can we deduct moving expense for renter

Thank you for that link.  We've never had an investment property before so this is all new to us.  Thank you for your help!

Can we deduct moving expense for renter

Do some reading to get educated ... I hope you entered the home as a depreciable asset and are taking the proper depreciation on the Sch  E   if you daughter is paying a fair market rate for rent.   Start with the IRS pub 527. 

Can we deduct moving expense for renter

We only "owned" the house December 29-31, 2020.  We will be having a tax accountant do our taxes next year and if necessary amending this one.  I just want to get it out of here.  Since we get a refund, I don't worry about filing on time.  Thank you for your help!

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