Tax

Have a tax question? Ask a tax Expert

Ask an Expert,
Get an Answer ASAP!

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: 5 months ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 5 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 5 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,139
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.

Ask Your Own Tax Question
Tax Professional: Lev, Tax Advisor replied 5 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.

Ask Your Own Tax Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a tax professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask Lev Your Own Question
Lev
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,139
33,139 Satisfied Customers
Experience: Taxes, Immigration, Labor Relations

Lev is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,338 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,512 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

PhillipsEsq.

PhillipsEsq.

Attorney-at-Law

59 satisfied customers

B.A., M.B.A, J.D.

Robin D.

Robin D.

Senior Tax Advisor 4

15,569 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,655 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

< Previous | Next >

Related Tax Questions
We bought a house in April of this year. We use this house
We bought a house in April of this year. We use this house as our primary residence, but my wife also operates a business out of the home. We just discovered water coming into the basement, which has … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
In 2017 I built a 2nd home that I will be renting out 12
in 2017 I built a 2nd home that I will be renting out 12 weeks a year(vacation short term rental). I also have another townhome that I rent. i think we would be considered a sole proprietorship becaus… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,155 satisfied customers
I am a retired teacher (45 years). I moved from county to
Hi Pearl, I am a retired teacher (45 years). I moved from clark county to Cut Bank, Montana. I own a rental there which I planned to open as an Air B and B business to supplement my retirement payment… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
Fiona, I built a home which was completed 9/1/17 at the
Hi Fiona, I built a home which was completed 9/1/17 at the coast to be used for personal and short term vacation rental. I put the vacation home in service for rental on 10/1/17. Since it was end of s… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
1,155 satisfied customers
When figuring what SS benefits may be taxable, under line C
When figuring what SS benefits may be taxable, under line C on Notice 703, it says "enter your total income that is taxable such as pensions, etc. Do not reduce your income by any deductions, exclusio… read more
Barbara
Barbara
Enrolled Agent, Paralegal
5,444 satisfied customers
I have a tax filing question, On September of 2016 I went
On September of 2016 I went into a contract on a new 2 family house. I closed on this house in January 2017 and moved into one unit and rented out the rental unit. In October 2016 I had bought a refrigerator, added additional tiles and bought a glass shower door. All of this was for the rental unit in the house I mentioned above. The total cost was $1990. My question is do I deduct the $1990 on my 2016 taxes or 2017 taxes? Since I bought them in 2016 do I deduct in 2016 but I closed in 2017 and rented it in January of 2017. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I received a settlement from the Gas company last year and I
Thank you. I received a settlement from the Gas company last year and I am having trouble figuring out how to put it on my taxes. They put a line through our property and caused some damage. All toget… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,139 satisfied customers
Upon removing decommissioned oil tank, encountered a spill
upon removing decommissioned oil tank, encountered a spill and signs of previous repair not disclosed by prior (sole and only)homeowner. They said there were no leaks on one point of disclosure, but l… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,328 satisfied customers
My mother is currently living by herself in a rental. I currently
My mother is currently living by herself in a rental. I currently own a small house worth about 200,000. I am building a new house worth 400,000 that we are going to live in together in but I am keepi… read more
Shawn P. Adamo
Shawn P. Adamo
CEO
Bachelor's Degree
18 satisfied customers
I've been trying to complete my 2013 but am stuck on figuring
I've been trying to complete my 2013 but am stuck on figuring out my rental income/expenses. I've been trying to get help from the online support for the software program I use but they can't give me … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
We have owned a house that we rented out for over 3 years.
We have owned a house that we rented out for over 3 years. The renters moved out several months ago, and we decided to do some repairs as well as extensive remodeling and move in there ourselves (as o… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
A pipe coming from my hot water heater burst under the slab
A pipe coming from my hot water heater burst under the slab of my house. Hot water was running under the foundation and causing erosion and the basement floor was getting very hot. A plumber re-piped … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
15,569 satisfied customers
My wife and I purchased a home on 1/23/1989. In 1999, my wife
My wife and I purchased a home on 1/23/1989. In 1999, my wife and I divorced and I received full ownership of the home by way of quick claim deed. In 2004 I married my current wife and re-financed the… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,139 satisfied customers
Sale of a home (50/50 personal/business use)The house was
Sale of a home (50/50 personal/business use) The house was bought as a main home in 2005, and 1/2 of the house was rented while another 1/2 was occupied by the owners ever since. In 2008 and 2009 owne… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,139 satisfied customers
I have a renteal property and evicted the renter Sept 1. Then
I have a renteal property and evicted the renter Sept 1. Then I moved in. I spent quite a lot of money fixing the place up because it was trashed. I still live there. Can I deduct what I put into the … read more
jgordosea
jgordosea
Enrolled Agent
Bachelor's Degree
2,885 satisfied customers
i rented out my house for the past twenty years as ...
i rented out my house for the past twenty years as residential rental because i was a resident of texas until may 2006 and then i moved back to s.c. may 2006 and the house became my primary residence.… read more
Wayne Brasch
Wayne Brasch
Accountant and Business Consultant
Master Degree
718 satisfied customers
Hi there,A neighbor of ours flooded our condo in 2005
Hi there, A neighbor of ours flooded our condo in 2005 and destroyed it. We spent all of 2006 rebuilding it--all the while paying mortgages, condo fees, legal fees and the rental on an apartment. We s… read more
Ed Johnson
Ed Johnson
Senior HR Consultant and Business Devlpm
Bachelor's Degree
6,994 satisfied customers
I PURCHASED A FOUR FAMILY HOUSE THREE MONTHS AGO FOR ...
I PURCHASED A FOUR FAMILY HOUSE THREE MONTHS AGO FOR $420,000 . I GOT AN INSPECTION DONE PRIOR TO THE CLOSING THAT POINTED OUT THAT THERE WERE MAJOR PROBLEMS WITH THE HOUSE . STRUCTURAL DAMAGES (SAGGI… read more
Lev
Lev
Tax Advisor
Bachelor's Degree Equivalent
33,139 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x