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Updated over 5 years ago on . Most recent reply
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Tax Categorization For BRRR Property
I bought a property in September of 2017 and fixed it up, but was unable to rent it until March of 2018 because I was in the process of making repairs and getting it ready to rent. Because of this, in my taxes, I did not classify this property as a rental and therefore was not able to get any of the tax deductions that rentals qualify for.
My question is - Would it be worth filing an amendment to my 2017 taxes to reclassify this property as a rental, or would this property still not qualify as a rental because it was not rented or listed for rent in the 2017 calendar year?
Most Popular Reply
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From my understanding, it has to be available for rent in order to qualify as a rental for that tax year.