Hi,
I closed my home in January, lived there till August, 2022. I moved out and listed for rent on 9/22/22. Tenant signed a lease on 12/19/22, with a move in date of 01/01/2023. Tenant paid Security deposit and one month rent in advance on 12/25/22. I paid for utilities, HOA fees when it was vacant but available for rent. For the question in Turbotax "During the period in 2022 this property was a rental, tell us how many days the property was rented at a fair market rental price and used for personal reasons. Dont include the says the property was vacant." Can I say Days rented at a fair rental price as 100 days (days in market from 9/22 till year end)? If I say 0 days it is asking me to delete the property.
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Per IRS publication 527 Publication 527 (2022), Residential Rental Property | Internal Revenue Service (irs.gov)
Vacant rental property.
If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. However, you can’t deduct any loss of rental income for the period the property is vacant.
Problem is Turbotax is making me delete the rental property, if I say '0'. If I delete it I cannot list any of those expenses. In addition to having no place to report expenses, I also dont know where to report the rental income that I got as advace and security deposit.
It looks like in one of the questions an 'expert' answered "You can do this if the property was available to be rented (was not used for another purpose), but you had no tenants. You also can deduct "holding" expenses and depreciation for the property during this period." i am not sure if that applies to me.
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