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Ask the Experts All About the W-4! >> Event happening TOMORROW!
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Schedule E Vacation Rental

I signed a contract for rental in the beginning of August 2023.  I worked on the home during that time but did not personally use it except for 2 days and the house rented for 18 days.    The first rental was not until November 22.

When can I start the clock on accounting for expenses?

When do I start the clock counting personal days vs. rented days?

I was initially using the whole year and now am reconsidering.

Also if I am using the standard deduction do I put my interest and taxes on the rental so I get the most carryforward for loss?

Any other wisdom gained?

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1 Reply
PatriciaV
Expert Alumni

Schedule E Vacation Rental

You were in the business of renting the property on the day you first offered it for rent, even if you had no tenant. This is also the date that depreciation begins.

 

Expenses incurred before that date are added to your basis in the property (a Rental Asset for depreciation). Anything paid after that date (including mortgage interest and property taxes) are Rental Expenses for Schedule E.

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