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Level 5
March 16, 2025
Question

RENTAL PROPERTY

  • March 16, 2025
  • 2 replies
  • 13 views

CAN REAL ESTATE TAXES BE DEDUCTED ON SCHEDULE E FROM RENTAL PROPERTY THAT WAS VACANT ALL YEAR WITH NO RENTAL INCOME?

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2 replies

Just-Lisa-Now-
Intuit Community Champion
March 16, 2025

was it available for rent? 

If not, you may need to use Election 166 to carry those costs forward until its available for rent.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 5
March 16, 2025

So if it's avail for rental I can put 0 income on sched E and deduct the RE tax from expenses and use it at a rental loss?

Just-Lisa-Now-
Intuit Community Champion
March 16, 2025

If it was available for rent, but you just couldnt find a suitable enter, you can still claim your rental expenses, like utilities, insurance, prop taxes, etc..

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
BobKamman
Level 15
March 16, 2025

Why was it vacant all year?  When was the last time it was rented?  Will it ever be rented again?

Some questions beg for three more to be asked.