Rental Property first time

Forum|Forum|2 years ago
March 17, 2024
3 replies
24 views

Hello,

I had a condominium that I had as my primary residence until 10-22-2023.

I spent from 10-22 to 12-26 preparing it to be used as a rental, and listed it as a rental on 12-26-2023.

I did not receive any rental income in 2023.

How do i go about writing off my mortgage interest in turbotax? it isnt clear to me whether i have to manually do calculations on the schedule E and the home deductions sheet, since it looks like i have to enter property taxes/interest in both areas. Also is the time period between 10/22 to 12/26 considered on schedule E, or only from 12/26 onwards?

Not A Product Question

DavidD66

Level 15

Your rental was placed in service on 12-26-2023, so that is the date which you can begin deducting expenses. You will have to calculate the amount of your interest and tax deduction for the six days your rental was "in service". The same for utilities, condo fees, etc. TurboTax will calculate your depreciation expense after you go through the process of setting up the condo as an asset in the program. Be sure you properly set up the condo unit and any other assets you are going to capitalize and depreciate. For more information see the following TurboTax Help Article: Rental Real Estate and Taxes

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taigaAuthor

Level 2

I cannot write off expenses i.e. appliance repair, painting, between 10-22 and 12-26?

AnnetteB6

Level 15

No, those are personal expenses and not deductible. Until you advertised and made the property available to be rented, you did not have a rental property. Your rental started on 12/26/2023 when you made it available to rent.

@taiga

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