Question

Can we deduct moving expense for renter

Forum|Forum|5 years ago
May 21, 2021
1 reply
0 views

On December 29, 2020 we closed on a house for our daughter who was divorced. She is paying us rent for the house. Can we deduct the moving expense that WE paid for on the Schedule E?

Deduction

X

xmasbaby0

Employee

Moving expenses are not deductible on a federal return except for certain active duty members of the military.

https://ttlc.intuit.com/questions/4482873-which-federal-tax-deductions-have-been-suspended-by-tax-reform

**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**

V

VBoddickerAuthor

Thank you for that link. We've never had an investment property before so this is all new to us. Thank you for your help!

Critter-3

Do some reading to get educated ... I hope you entered the home as a depreciable asset and are taking the proper depreciation on the Sch E if you daughter is paying a fair market rate for rent. Start with the IRS pub 527.