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Video instructions and help with filling out and completing does farm rental income qualify for qbi
Can you deduct rental expenses when you have no rental income Jeff what do you say well it depends I mean you can have no rental income as long as your property is available for rental yeah so so so if it was available to be running it and you just couldn't run it out you can deduct all those expenses your interest your real estate taxes any bills that you incur with it right so let's make this really easy I buy a house I'm getting it ready for rental because it's it's it's a dump I need to fix it up the day that I get it ready and I put it for listed for rental is the day I can start writing off expenses against it it is now available for rental even if it sits vacant for the next six months the only restriction is I can't take losses on that I can't create losses on a vacant property but I can write off the expenses against it now you say but you were fixing it up what about those well Jeff what are those go I tend to like to put those if you need to do those improvements to make the place available mmm to be running out you capitalize those you capitalize them which means you're gonna depreciate it over time you're not going to be taking those as expenses against some non existing rental income that does not exist because it's not ready to rent and we see that sometimes that somebody will buy a property for fifty thousand but it needs a hundred thousand dollars of repairs and improvements and yeah yeah you see that means and then this is why you make it available for rent I tell people all the time a to be quickest point get it ready for rent like oh I want to do this and that and the other I'm like all right your funeral you're gonna be pissed Music Music.