Ask Experts Questions for FREE Help !
Ask
    bska42's Avatar
    bska42 Posts: 4, Reputation: 1
    New Member
    		  
    #1

    Jul 31, 2009, 03:08 AM
    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
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 3, 2009, 01:56 PM
    Listing it for sale does NOT affect the rental status of the co-op apartment.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

1099 schedule C due to short sale implications [ 1 Answers ]

We are in the process of short saling our home. We have been told we will receive a 1099 schedule C from the lender after the sale. What will this mean when we file our taxes next year?

Sale of property (land only) in the Philippines by a US citizen. Tax implications? [ 2 Answers ]

Hi, My retired mother is selling her real estate property (land only) in the Philippines. She needs the money to support herself. As a US citizen, does she have to pay income or capital gains tax in the US? How can she bring the proceeds from the sale to the US? If she needs to pay US tax,...

Tax Implications of Rent-to-Own my former home [ 1 Answers ]

I have not been able to sell my former home in this real estate market. I rented it in 08 at a monthly loss to a family who wants to buy it. I am willing to apply their rent payments to their purchase of the house. How do I report the income in taxes? How does it affect my taxes when we...

Tax implications of buying home to rent and then tearing it down? [ 1 Answers ]

I purchased a home off Ebay sight unseen (not my brightest move) based on a description of the property and location. My original intention was to rent the place out, knowing full well that it probably needed some work in order to get it in rent-able condition. Long story short, the city required...

Tax implications of stock sale [ 1 Answers ]

My parents were joint owners of a large amount of 1 company's stock. My Father died this year. We all agree with my Mother that reducing risk by liquidating some of this amount and putting it in a safer, more diversified instrument(s). Is there an advantage in selling some of this in this year(of...

View more questions Search