Level 7

Question

Vacant Rental

Forum|Forum|1 year ago
March 3, 2025
5 replies
16 views

Taxpayer has a rental property intended to be rented.

She did report income 1 year (a few years ago)

The last 5 years her old preparer had her take a loss without any income but advised the IRS might not accept that. Around -$8,000 loss each year.

This year she is coming to me, and I don't think I should report it with a loss again (she's been fixing the rental).

2025 she should have a tenant. Do I take it off this year and add it again next year?

ProSeries Professional

This topic has been closed for replies.

BobKamman

Level 15

If you tell her no, she might shoot you, then make it look like a fight. The police might accept that, but it's still a crime.

Skylane

Intuit Community Champion

Lots of unanswered questions; but the intent seems pretty clear.... I'd refer her to another preparer...

If at first you don’t succeed…..find a workaround

MGC94Author

Level 7

Why would you refer her to someone else?

IRonMaN

Level 15

Are you going to sign your name to a return that reports a loss for which the client isn't entitled?

Slava Ukraini!

IRonMaN

Level 15

Did she actively try to rent it - did she run ads in the paper, Facebook, on cartons of milk next to the pictures of missing kids? If not and she wants to take the deduction, listen to what the other two posts say.

Slava Ukraini!

BobKamman

Level 15

Your statement "The last 5 years her old preparer had her take a loss without any income but advised the IRS might not accept that" led me to believe that might be the reason she was looking for a new preparer.

dascpa

Level 11

Available to rent is the key as stated above. And proof as stated (ads, etc.). but if the property didn't have an occupancy permit, problems. I had one client, storm tore off the roof. Client said it was available to rent. Maybe if someone accepted a rental property with no roof, but an umbrella, but nah.

IRonMaN

Level 15

I believe that would be advertised as "Apartment for rent - airy with great moon views."

Slava Ukraini!

Accountant-Man

Level 13

OK, what is everyone's go to: "I am sorry that I cannot take you on as a client" phrasing?

I'll go first:

"Sorry, but I value my license more than I value your pittance of a fee."

Your turns.

** I'm still a champion... of the world! Even without The Lounge.

IRonMaN

Level 15

I have never used it, but I like the more direct approach that the founding father of the firm I started out with once used. "Don't let the door hit you in the a$$ on the way out".

Slava Ukraini!

Accountant-Man

Level 13

Oh, you mean the DLTDHYITAOTWO response!

** I'm still a champion... of the world! Even without The Lounge.

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