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| Posted by | Message | rottwall
Member since Feb 2013
5 posts
| writing off property losses (Posted on 2/21/13 at 10:11 am)
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.
| | Back to top | Share on  | LSURussian 
LSU Fan
Baton Rouge
Member since Feb 2005
63137 posts
| re: writing off property losses (Posted on 2/21/13 at 10:50 am to rottwall)
quote:
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
| | Back to top | | Tigerpaw123 
USA Fan
P'ville
Member since Mar 2007
7557 posts
| re: writing off property losses (Posted on 2/21/13 at 11:09 am to rottwall)
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
| | Back to top | | eng08
LSU Fan
Member since Jan 2013
323 posts
| re: writing off property losses (Posted on 2/21/13 at 11:14 am to rottwall)
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.
| | Back to top | | Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
12646 posts
 Online
| re: writing off property losses (Posted on 2/21/13 at 11:58 am to rottwall)
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.
| | Back to top | | Breadcrumbs
LSU Fan
Baton Rouge
Member since May 2005
2792 posts
| re: writing off property losses (Posted on 2/22/13 at 9:52 am to rottwall)
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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