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Acquired property in December - does it go on tax return?
I acquired my first out of state property on Dec 15, 2015.
I rented it out starting January 2016. So, there is no rental income or expenses of any kind in 2015 other than purchase cost and some pro-rated tax and insurance cost. Now, do I need to show this as rental property in my 2015 tax return or I can add it in 2016 onwards?
Please advise as I want to avoid filing taxes in another state for 2015 just for owning a property for last 15 days which did not generate any income.