We have 2 homes the 1st was our residence until approx 2 years ago. We had a tenant for 1 full year. We have since "sold" the home to an invest. co. The way it works is everything stays in our name but they basically lease to own it and receive all tax advantages etc until it sells. I'm sure I'm not explaining this well.
Anyway, my question is this..during 05/06 we had a tenant in the home and we lost money every month, when she moved out she basically destroyed the place. We lost several thousand on rental income because we could not rent out & it just sat there. She never paid for damages/fees. We only paid a couple hundred to other people, we had to do everything ourselves & buy cleaning supplies.
Should I depreciate those 2 years (I have not as yet)? How do I enter our losses since we did most of the work, not rentable & could not afford to pay someone else to do it. The home should sell in a year or 2 and be out of our name. I am using turbo tax to file. Do I amend last year?
2007-04-10
07:33:28
·
3 answers
·
asked by
rsf
3
in
United States