From TaxAlmanac, A Free Online Resource for Tax Professionals
From TaxAlmanac
Discussion Forum Index --> Tax Questions --> Sch E Rental - partially vacant
NJtaxman (talk|edits) said:
| 28 June 2007
|
| I have a client that has a Rental Property in Palm Springs. Because of the heat, it is only rented 4 months a year. I know that you cannot take a loss for property that is vacant (pub 527), but is that loss supended? Can you take the non-deduct portion of the interest and taxes on Sch A? Can I only take 4/12's of the expenses and the rest are lost?
|
Jdugancpa (talk|edits) said:
| 28 June 2007
|
| If the property is "held out for rent" you certainly can take the loss (subject, of course, to passive loss limitations, real estate professional exceptions, etc, etc.)
|
Death&Taxes (talk|edits) said:
| 28 June 2007
|
| You would have to treat it as a vacation type property to move the interest and taxes to Sch A. Seems obvious it only has a limited season for rental.
|
To join in on this discussion, you must first
log in.
