Getting into a rut!
You'll need to sign in or create an account to connect with an expert.
In your previous post, you said, "renovated property 2019-2020; sold property Jun 2020". You could not have held it out for rent if you were renovating it.
If, at any time in 2020, your property was ready and available to be rented, meaning a tenant could move in at any given moment, you can take rental expenses on Schedule E for that time period.
If you did not, enter the sale as previously described, including adding the improvements to the basis of the property.
Property was available for rent/purchase & rent with option to renovate & be compensated by me throughout 2019-2020. Property was available for rent at all times but under various circumstances.
Again. Thank you for helping me.
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
beccaapril
New Member
Aussie
Level 3
DX-hound
Level 2
rfjacobe
New Member
Peames84
New Member