Implications of listing a co-op for both rent and sale
Hi,
I own an apartment (co-op) in Westchester County, NY, but am currently living abroad on a 2-3 year work assignment. I had initially planned to rent out my apartment for the duration of my assignment, then move back in when I went home. Unfortunately, I have been unable (in almost 9 months) to get a tenant in there (mostly due to a difficult board approval process).
I still don't really want to sell, especially in this market, but I also don't want to carry two households for 3 years. I am now thinking about listing it for sale as well as rent, hoping for a tenant, but having it out there in case an offer that I did like came along.
My tax question in all of this is: I know that I can claim the losses that I am taking with the apartment out for rent, but vacant as tax deductions, but would having it also listed for sale affect that?
Sorry for the long-winded backstory, and I appreciate any help anyone can send my way!
Thanks!
~B
