Two questions here.... If the property is vacant can i still deduct the interest/taxes/insurance as an expense ? Also if the property is vandalized can the repairs be written off as expenses as well ?
Quote:If the property is vacant can i still deduct the interest/taxes/insurance as an expense ? As long as the property remains available for rent, a vacancy while you are advertising and qualifying a new tenant does not affect your ability to deduct operating expenses.
Quote:Also if the property is vandalized can the repairs be written off as expenses as well ? For your rental property, the cost of repair that exceeds your insurance reimbursement can be claimed on your Schedule E.
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Quote:If the property is vacant can i still deduct the interest/taxes/insurance as an expense ? As long as the property remains available for rent, a vacancy while you are advertising and qualifying a new tenant does not affect your ability to deduct operating expenses.
Quote:Also if the property is vandalized can the repairs be written off as expenses as well ? For your rental property, the cost of repair that exceeds your insurance reimbursement can be claimed on your Schedule E.