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Updated almost 6 years ago on . Most recent reply presented by

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Zachary Segal
  • East Palo Alto, CA
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Tax Categorization For BRRR Property

Zachary Segal
  • East Palo Alto, CA
Posted

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?

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Daniel Kong
  • Rental Property Investor
  • Honolulu, HI
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Daniel Kong
  • Rental Property Investor
  • Honolulu, HI
Replied

From my understanding,  it has to be available for rent in order to qualify as a rental for that tax year.

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