Renters moved out in December 2008. House needed extensive repairs from damages from renters. House sat vacant entire year of 2009. How is this handled for tax purposes? Can we claim a loss?
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Renters moved out in December 2008. House needed extensive repairs from damages from renters. House sat vacant entire year of 2009. How is this handled for tax purposes? Can we claim a loss?
As long as you continued to make efforts to rent out the house, and/or fix it up to make it rentable, you can indeed take the loss.
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