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All Forum Posts by: Zachary Segal

Zachary Segal has started 1 posts and replied 2 times.

Post: Tax Categorization For BRRR Property

Zachary SegalPosted
  • East Palo Alto, CA
  • Posts 2
  • Votes 0

Thanks for the replies!  Sounds like I should have put a for rent sign out front during the rent sign out front while I was doing the rehab.  I'll keep this in mind for the next time. 

Post: Tax Categorization For BRRR Property

Zachary SegalPosted
  • East Palo Alto, CA
  • Posts 2
  • Votes 0

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?