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Updated almost 6 years ago on . Most recent reply

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16
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Piper Mullins
  • Washington, DC
0
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16
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Sch E Deductions without income on 2018 taxes?

Piper Mullins
  • Washington, DC
Posted

Hello all, I'm a new investor with a property that has taken longer to renovate than expected (thank you, cold January and burst pipes).  We have I have Craigslist ads and emails looking for renters in 2018 (so it's been placed in service), but no one was interested until we finished allll of the renovations. On Schedule E, line 2, can I still deduct some of my expenses on this property even though I have no income in 2018? And if not, could I still carry forward those repair expenses to 2019? I read somewhere on BP that no income but still deductions was a good auditor flag. Also, our AGI is over $150K, and we're not RE professionals. Thanks!

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