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Level 1
Oct 8, 2022 10:25 PM UTC
Question

Rental property.

I purchased a home to be a rental property in 2020. It is to be put out to rent in 11/22 after repairs and improvements.  When should i include it on my taxes? and when and how do I include the expenses from 2020 to 11/22?

    1 reply

    Level 2
    Oct 9, 2022 12:58 AM UTC

    You should be including it from 2020 forward.  This allows you to carry forward any losses and deduct them against future income. This is reported on schedule E.