How do I report Investment Property with no rental Income?

Forum|Forum|1 year ago
March 24, 2025
1 reply
0 views

My Condo was damaged by Hurricane Ian in 2022 and has not been rented since then due to reconstruction in 2022, 2023 and 2024. Turbo Tax just eliminated all my info on schedule E as I did not have any renters in 2024, nor any rental income.

How do I report Insurance Income and Condo Assessments, Fees etc. It is in a Disaster Zone re Hurricane Ian.

MAK70

You are able to deduct your expenses since you are "managing, conserving and maintaining the property"- in TurboTax, you can indicate that it was rented 1 day at FMV (this is just how TurboTax works) to trigger the Schedule E.

If you hold property for rental purposes, you may be able to deduct your ordinary and necessary expenses (including depreciation) for managing, conserving, or maintaining the property while the property is vacant. However, you can’t deduct any loss of rental income for the period the property is vacant.