I moved to TN and still own a townhouse in FL. It has been on the market for over a year. Can I deduct any part of the mortgage or expenses? I know I can deduct interest expense. If this were rented out, I think I would be able to deduct the HOA fees, and all expenses to offset the rent, or “income” recieved. In the situation with the house empty, can rent be considered 0, or a loss?
Passive Income
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No you have to have rented it in order to call it a rental, no income from the house, no rental property on taxes sorry….
Not unless you actually rent it out. If however, you showed a good faith effort to rent it, by doing such things placed ads in local newspaper, requested reasonable rent and terms, you MIGHT squeak by from the date of your first ad. You’ll need to keep advertising for renters reasonably often to show that you really want to rent it. Do not try renting it to friends or family and claim a loss, the IRS is well aware of this scheme.
Be aware that you can’t exclude $250K ($500K if married) of the profit (if any) from the sale of rental property like you can for your residence.
No. You cannot claim anything if it is not rented.
Unless the house is rented and you are receiving income from the house no you can not claim it as rental .
You can either actually turn it into rental property and write off your expenses or you can rent it out,TEMPORALLY, with the full intent to sell it and not lose your profit exemption when you do sell it. In other words keep it on the market.
There are about 20 rules in between so see a tax professional or go to the IRS website and do some research.