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Ellen
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I owned a vacation rental and lost it to foreclosure in December

Customer Question

I owned a vacation rental and lost it to foreclosure in December of 2009. I also filed bankruptcy which was completed last week. I am current on my taxes in past years however I filed an extension for 2009. Will I still be able to write off the income from the rental property for 2009 taxes? Thankyou.

Cathy Sargent
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 6 years ago.
Hello,

I am the JustAnswer expert that will be helping you today. I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information.

Your taxes for calendar year 2009 would not be affected by your bankruptcy filed in 2010.Thus you can disregard your bankruptcy filing in preparing your 2009 income tax return
Customer: replied 6 years ago.

 

Will I will be able to write off all of my vacation rental income and expenses for 2009 as I have before... even though I lost it to foreclosure in December of 2009?

Expert:  Ellen replied 6 years ago.
Will I will be able to write off all of my vacation rental income and expenses for 2009 as I have before... even though I lost it to foreclosure in December of 2009?
I do not know the amount that you can write off since I do not prepare your tax return -- however you may treat the vacation rental as owned by you until the date of foreclosure

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