2007-03-18 05:03:53 · 7 answers · asked by gigi120pelham 1 in Business & Finance ➔ Renting & Real Estate
Very possibly. If it has been established as a rental property already and it is truly empty then you do have a loss of income and associated expenses. If you are letting somebody use it for a while, then it becomes a gift and not deductible.
2007-03-18 05:09:12 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
You did not indicate the country (which tax rules apply) or the history with the property.
As a general rule...
If the property was rented in the past and then you had a period where it was vacant you can continue to deduct the expenses. You report the income earned, the expenses and then see what taxes (if any) might be owed.
If the property has never been rented since you purchased it some of the time you can not deduct the expenses. It depends on the specifics including the country where the property is located. Some times you need to 'put the property into service' before you can call it a rental.
2007-03-18 05:10:05 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If you are working on the rental to make it a better place, you can deduct the work you are doing on it, if you have rented it out before. I have one rental that I have been rehabbing, and I did take off the work that is being done to it. The last renters were not 'clean' to say the least, and the work had to be done, in order to get it up to par to rent, again. H&R block did not question me about it, I just told them what happened, and they took the deductions off my taxes.
2007-03-18 05:14:05 · answer #3 · answered by laurel g 6 · 0⤊ 0⤋
it all depends on if it has been rented before or not. If you can show you were trying to rent it and improvements have been made while it was vacent, i would say you could deduct the expenses. But you would have to prove it was a rental house and show any income which was made..
2007-03-18 05:16:10 · answer #4 · answered by aaron b 4 · 0⤊ 0⤋
even if it really is the belongings tax and private loan pastime for the condo unit, that ought to favor to be deducted on agenda E (condo income variety). even if it really is tax/pastime for yet another belongings that you stay in, that you deduct on agenda A. The $25,000 optimal deduction is situation to a pair income regulations. in case you adjusted gross income is more advantageous than $one hundred,000, you won't be able to deduct all of it - there's a sliding scale that is going into effect. in case your surely losses are more advantageous than $25,000, or you're constrained because you're overincome, the further losses are deferred till you both promote the belongings or qualify for deductions again. acquire the scedule E preparation from the irs's website and it has fairly sparkling preparation.
2016-11-26 20:31:43 · answer #5 · answered by llerena 4 · 0⤊ 0⤋
i'm not 100% but i think you can. why not, they are still expences (like fixing a roof and stuff)
2007-03-18 05:11:36 · answer #6 · answered by Sundown 3 · 0⤊ 0⤋
NO WAY....... LEGALLY
2007-03-18 05:08:38 · answer #7 · answered by Mikee 3 · 0⤊ 0⤋