Tenant moved out on April 15, 2018, and I sold this rental property on Aug 15, 2018.
This rental property was vacant and not for personal use between April 16 and Aug 14.
The fair rental days should be between Jan 1 and April 15? or between Jan 1 and Aug 15?
Thanks
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Unless you had the property available to be rented until August, the date would be April.
Vacant while listed for sale. If you sell property you held for rental purposes,
you can deduct the ordinary and necessary expenses for managing, conserving, or
maintaining the property until it is sold. If the property is not held out and
available for rent while listed for sale, the expenses are not deductible
rental expenses.
Unless you had the property available to be rented until August, the date would be April.
Vacant while listed for sale. If you sell property you held for rental purposes,
you can deduct the ordinary and necessary expenses for managing, conserving, or
maintaining the property until it is sold. If the property is not held out and
available for rent while listed for sale, the expenses are not deductible
rental expenses.
Hi Colleen,
In 2020, I had a rental property under renovation due to tenant damage.
I received loss of rent check from insurance company for 1/2 of the time it took to fix it.
Once fixed, I listed the property for both rent and sale. Sale offer came first, and I sold the property.
Do I count the days covered by loss of rent payment from insurance company as rental days?
If I don't, TurboTax tells me to delete this unit as a rental altogether.
Since I incurred significant cost in time and expense from damage caused by rental activity (not covered by insurance), I don't see how it would be accurate to not consider this a rental unit.
Appreciate your thoughts.
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