Rental property but no rent

[Possi]

I'm getting a lot of rental properties that were available to rent in 2011, but were vacant. Taxwise has a new Sch E that asks for the number of days rented, but I believe that question is there only if it was part rental/part personal.

It looks strange to have a rental for 6 months or more and no income.

I also have another brilliant DIY coming in who hasn't taken depreciation since he started renting his property. A change of accounting, I believe, and research on how to do this. I had one a few years ago, and y'all helped me through, so I know my answers are here.

Just talking to myself out loud.... thanks for listening... man it's quiet in here....

[BHoffman]

Hi Possi - I believe the rule is that if the property is available for rent, then the expenses are still deducted on Sch E.

See TTB 7-6 "Vacant Property".

[Possi]

I thought so

Hi Possi - I believe the rule is that if the property is available for rent, then the expenses are still deducted on Sch E.

See TTB 7-6 "Vacant Property".

Thanks for the validation. I feel better... ahhhhh

[S T]

Possi, Not just Taxwise or other Software that is requesting this information, it is now a part of the 2011 Schedule E , Number of days home rented at fair rental price, as well as Number of days home used personally along with Associated Questions

There was another thread on this http://www.thetaxbook.com/forums/sho...le+rental+days

Sandy

[Earl]

Wondering what to put if rental is a conversion from personal residence to rental property during the year.

[Kram BergGold]

days

Try putting zero days rented and zero days used personally in the sapces and see what happens. You have to enter something there.

[Gretel]

I think these boxes for the "days rented" don't make any sense, you never will be able to report these if you deal with more than one unit per rental property and nobody can tell me that for a 128-unit rental you have to do 128 different rentals.

So my conclusion is that they actually meant to ask for "days available for rent" and this is how this question will be answered by me for the rental properties crossing my office.

[taxea]

Hi Possi - I believe the rule is that if the property is available for rent, then the expenses are still deducted on Sch E.

See TTB 7-6 "Vacant Property".

Just be sure you have documentation of the "available for rent" in your office file.