Posted by
Member since Feb 2013
5 posts

writing off property losses

i took a financial beating in 2013 on my condo. it went unleased for nine months. cost over a grand in material & labor repairs. It looses 2 hundred a month in dues alone plus the 350 dollar a month note & this year another 800$ in property taxes since i no longer live in it. anyone know how much of this i can write off when i itemize. i have a tax person but he's no cpa.

Member since Feb 2005
85179 posts

re: writing off property losses

Losses from the sale of personal-use property, such as your home or car, are not deductible.

Last sentence, first paragraph

ETA: I misread the part that the condo was a rental (lease) property and it was not a personal use property. Please ignore my above post.
Wait for Poodlebrain to answer your question. He is this board's resident tax expert and IS a CPA. Maybe your bookkeeper friend is in over his head doing taxes.
This post was edited on 2/21 at 10:54 am

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Member since Mar 2007
9991 posts

re: writing off property losses
not an expert but, first i
assume you mean in 2012?

Out of the 350 a month note you will be able to deduct interest expense portion, not the principle

as for everything else I would assume you put all the rent you received as income then on a schedule list expenses, and would probably show a loss

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Member since Jan 2013
2639 posts

re: writing off property losses
Interested in this. I have just put a house into rental last year and would like to have an idea of what I'm talking abt when I meet with my CPA soon.

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Way Right of Rex
Member since Jan 2004
17588 posts

re: writing off property losses
The moment you began looking for a renter for the condo you converted it from personal property to an investment/business property. You should be reporting the revenue and expenses using the rules for rental properties on Schedule E. Some expenses, such as property taxes, will have to be apportioned between the periods when the condo was personal property and a rental property based on the number of days or months. Other expenses will be allocated based on the use when they were paid.

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Baton Rouge
Member since May 2005
2881 posts

re: writing off property losses
we get to take depreciation on our rental as well as insurance and tax expense, repairs, interest on mortgage...all on Schedule E

when we sell, we'll have to recapture the depreciation

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