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Rental house...contract pending 1/1/2017 and flood damage…

Customer Question
Rental house...contract pending 1/1/2017...

Rental house...contract pending 1/1/2017 and flood damage before renter move in. Do I separate the expenses and put towards a loss of property or can I run all year expenses together as renter move in four months later after damage repaired?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Was setup to be a rental house for 2017 entire year

Submitted: 2 months ago.Category: Tax
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Customer reply replied 2 months ago
I was sent an answer through my phone and was unable to open and now it is not showing on my phone. Please respond to me he answer via email
Answered in 34 minutes by:
2/6/2018
Tax Professional: Lev, Tax Advisor replied 2 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 32,744
Experience: Taxes, Immigration, Labor Relations
Verified

Your rental activity starts when the property was originally placed in service - regardless if the tenant already moved in or not.

Starting that date - you will start depreciating the property and start deducting all on-going expenses - utilities, maintenance, etc

Corresponding - any additional repairs may be deducted as rental expenses.

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Tax Professional: Lev, Tax Advisor replied 2 months ago

I appreciate if you take a moment to rate the answer.

Experts are ONLY credited when answers are rated positively.

If you still have any doubts, need clarification - please be sure to ask.

I am here to help you with all Social Security / Tax related issues.

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Lev, Tax Advisor
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