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Cosmic2409
February 13, 2024
Question

My S-corp business owns a rental property that was taken out of service for the whole of 2023, no rental income. How do I handle this on my tax return for the business?

  • February 13, 2024
  • 1 reply
  • 0 views
What happens to the depreciation, utilities, real estate taxes, etc. paid in 2023? Is there an IRS publication that references this situation?

1 reply

A
AmeliesUncle
February 13, 2024

Can you give details about why it was not in service?  Repairs?  Improvements?  Personal use by you?  Something else?

 

As a side note, it generally isn't a good idea to have real estate in an S-corporation.  In many cases it won't matter, but in other cases it could have poor tax results.

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