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rose323
Level 5
February 15, 2024

Schedule E Rental Property

  • February 15, 2024
  • 1 reply
  • 12 views

The client purchased a home in Kansas in 2023, and they are from California. She wants to report her expenses, but no income was recorded since the house is still in repair. She has no liability and is receiving a refund for her two dependents and a w2. Is it worth adding to the return? Or can the expenses carry forward?

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    1 reply

    sjrcpa
    sjrcpa
    Level 15
    February 15, 2024

    "She wants" is not determinative of the tax reporting.

    Was the house available for rent in 2023?

    The more I know the more I don’t know.
    R
    rose323Author
    Level 5
    February 15, 2024

    Sorry for my grammar, that's the way I speak. The house is not posted for rent. 

    sjrcpa
    sjrcpa
    Level 15
    February 15, 2024

    If it was not available for rent in 2023 nothing is deductible. All the repair costs get added to basis.

    When it is available for rent, whether or not actually rented, is when you start to claim deductions.

    The more I know the more I don’t know.
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