I have rental property and don’t take income. I hold in the property account to plan for future repairs and upgrades. how do I claim this?

Forum|Forum|2 years ago
March 28, 2024
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DoninGA

Employee

If the rental property is not available to rent then you do not report the rental property on your tax return.

Skip112Author

Thank you for your reply,

It is rented all year long and there has not been much of a “profit” until recently. So I keep all that in a separate account for that property for future maintenance, upgrades and emergencies, is that considered income to be declared?

DoninGA

Employee

@Skip112 wrote:

Thank you for your reply,

It is rented all year long and there has not been much of a “profit” until recently. So I keep all that in a separate account for that property for future maintenance, upgrades and emergencies, is that considered income to be declared?

If the property was available for rent in 2023 and you received rental income, all the rental income you received is required to be reported on Schedule E along with all your rental expenses for the year.