Rental expenses with no income

[Tiffany Groom]

I purchased a home in August of this year with the intent of renting it out by November. I put a lot of money into getting it prepared including new roof and other deductible expenses. I won’t be able to rent until 2021. Can I still deduct the expenses for 2020 tax year if I won’t generate income until 2021?

[Joel Hutchinson]

Hi Tiffany Groom, 

I'm not an accountant, but you should be able to carry your losses forward to 2021 if you don't have any income in 2020.