Ask Experts Questions for FREE Help !
Ask
    Cheshire2008's Avatar
    Cheshire2008 Posts: 74, Reputation: 17
    Junior Member
    		  
    #1

    Feb 17, 2008, 02:35 PM
    Loss of rent can you claim it as an expense of the rental
    If you own two homes One is your primary the other you rented.
    07 was the first year as a rental While trying to find a rentor the house was empty for some time and it has taken 5 months to rent can you claim loss of rent as a cost for those five months?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Mar 3, 2008, 02:50 PM
    You can start claiming the expenses on the rental house (to include depreciation) the day you started preparing the house to be a rental, even if it is up to a year prior to actually renting the house to a tenant.
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #3

    Mar 3, 2008, 02:54 PM
    If you're asking whether "loss of rent" is some sort of expense you can deduct - no. You can only deduct true out-of-pocket expenses and depreciation.
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!

Can F1 students claim higher education expense [ 5 Answers ]

Hi I am a F1 student from India. I would like to know if I can use the 1098T to claim for Hope or Lifetime Learning credits. Thanks Joe

Expense Claim on 2007 Taxes [ 1 Answers ]

So, I have started my own Avon business with hopes of having a much bigger business of my very own in the future. It's tax season, as we all know, and I am trying to figure out how to handle claiming my Avon and home office expenses. I am not sure that Avon will send me a 1099 because I didn't...

Apartment rent as deductible expense for H1B tax filing [ 1 Answers ]

I am living and working at chicago in H1B status. My employer is at New Jersey. Can I claim my apartment rent of $1250 as expense for the purpose of itemisarion? I have been living at chicago for the last 3 years. Thanks, Thomas

I moved out of my rental, and I still continued to pay rent. [ 1 Answers ]

When my husband and I moved out of our rental, we were still in contract for another 6 months. We did the right thing, gave a "move out notice" and advised that we would still pay for the remainder of the 6 months which we were responsible for. They required us to keep all of the utilities on in...

Additional Casualty loss expense [ 1 Answers ]

I claimed property loss for a fire in 2003 in 2004 and claimed losses not covered by the insurance on the building. We did not get back into the home until July 2005 and the insurance did not cover all of the trailer rental expenses. I paid over $8000 in 2005 that the insurance did not cover...

View more questions Search