Financial Planning for Generation X & Y Women
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Expert Q&A Archive

Can I claim a loss on rental property?
"What if rental property I owned went six months without a tenant. Can I claim that as a financial loss even though it happened three years ago?"
Gary Silverman, CFP:
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If you did not file a Schedule E for that year, you probably have time to file an amended return--discuss how with your tax preparer. The fact that you did not have a renter does not create a financial loss. Each year, when you fill out your Schedule E, you list your income and expenses. It's the net from that listing which determines your gain or loss.
Julie Ann Johnson:
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This is a question for tax professionals...I'm a financial strategist, and do not give technical tax advice...thanks,
Jeff Kyle:
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That is a very specific question that needs to be answered ONLY by a CPA, as they are experts in the tax codes & tax law.
Harriet Smartt:
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You might be able to file an amended tax return for the expenses incurred while the property was vacant. You would need to ask a local tax expert about the lapse in time since this occurred.
Rosemary Ervin, CPA:
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You have to go back to the year you had the vacancy, if it is still within the statute (3 years from the time you filed the tax return). You incurred expenses related to the vacant property. You had no income. It is the excess of expenses over the income (zero) that you have as a loss. The loss is limited to other limitations, e.g. income
and passive activities. You report your rental income/loss on Schedule E of the 1040 if you own the property in your own name.
Claudia James:
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You did claim it as a loss by reporting only the amount you earned when you filed your taxes. The amount of money you did not earn was not reported.