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Updated over 4 years ago, 07/07/2020

User Stats

11
Posts
2
Votes
Jerald Sander
Pro Member
  • Saint Louis, MO
2
Votes |
11
Posts

Rental start up property tax

Jerald Sander
Pro Member
  • Saint Louis, MO
Posted

Purchased a house in 2019 but the rehab / start-up carried into 2020 before being ready to rent.  I understand most of what I've read about capitalizing start-up expenses and the $5000 rule.  I read somewhere, can't find it now, that previous year property taxes are deductible in that prior year (in my case 2019 taxes on 2019 1040).  So far Turbo Tax is resisting establishing this as a 2019 rental, which I understand.  If the property tax is deductible in 2019, does that push it to my personal 1040 Schedule A (itemized deductions), and out-of-luck if I take the standard deduction?  

  • Jerald Sander
  • Loading replies...