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Level 4
posted May 21, 2020 2:34:27 AM

What star-up costs can I file from rental property in a different year

I bought an apartment in 2018 and had some expense in getting it ready for Airbnb. In 2019 I started generated income from Airbnb. I understand I should file the cost of furnishing from 2018 in 2019's return

Can I file expenses from 2018's insurance, real estate taxes, and management fees in 2019?

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1 Best answer
Expert Alumni
May 21, 2020 5:50:13 AM

No, the 2018 insurance, real estate taxes, and management fees cannot be claimed on your 2019 return.

 

The 2018 real estate taxes can be claimed on your 2018 tax return as part of Schedule A, Itemized Deductions.

 

The insurance cost for 2018 is a personal expense unless the property was a rental property being advertised and available for rent.  

 

Unless you were renting the property in 2018, you should not have any management fees to claim.  If it was advertised and available for rent during 2018, then you should report your income and expenses on your 2018 return using Schedule E.

 

 

@tdo061803

1 Replies
Expert Alumni
May 21, 2020 5:50:13 AM

No, the 2018 insurance, real estate taxes, and management fees cannot be claimed on your 2019 return.

 

The 2018 real estate taxes can be claimed on your 2018 tax return as part of Schedule A, Itemized Deductions.

 

The insurance cost for 2018 is a personal expense unless the property was a rental property being advertised and available for rent.  

 

Unless you were renting the property in 2018, you should not have any management fees to claim.  If it was advertised and available for rent during 2018, then you should report your income and expenses on your 2018 return using Schedule E.

 

 

@tdo061803