Tax Return Questions

[Sam Va]

Hello Experts - I'm new here, just started renting my property. I have a couple of questions and would appreciate if someone can help:

1. We lived in our rental property until August 2023. Regarding Tax, Insurance, and Mortgage Interest, should we report these items only after we moved, and property was available for rent? Or can we claim these all items for entire 2023?
   
2. We have had several repairs done to rent out the property and we did not collect payment receipts for those repairs. Can we still claim those repairs without receipts? We might have some details where payment was made using credit card or check but not for all the repairs.
3. Does HOA dues have anything to do with return filing in general? Can we claim it?
4. Thanks in advance!!

[Sean O'Keefe]

Sam Va welcome, and good questions. 

1. You can only start claiming the expenses for rental after it’s been “Placed in service” (this means ready and available, not necessarily rented). Before renting the property, if this was your primary residence, you can include some of these expenses as itemized deductions on your personal taxes.
2. The IRS requires receipts for cash payments of >$75. Electric records are okay for other expenses.
3. Yes, in “other expenses” or management fees. I personally prefer Other expenses.
4. You got it

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This post does not create a CPA-client relationship. The information contained in this post is not to be relied upon. Readers are advised to seek professional advice.