We used an accountant last year who claimed depreciation on a home we owned but did not rent. we cannot find how to add a owned property that is not rented out.
We used an accountant last year who claimed depreciation on a home we owned but did not rent. we cannot find how to add a owned property that is not rented out.
If the property is advertised and available to rent, then it is reported on Schedule E Rental Income and Expenses. This is where you would also claim property taxes, insurance, and depreciation.
If you simply own the property and do not attempt to rent or advertise it for rent, then you can only claim property taxes on the property as part of Schedule A Itemized Deductions. If it qualifies as your second home and you have a mortgage, then you can also claim mortgage interest. But in the case of it being a second home, insurance is a personal expense and is not deductible. Depreciation cannot be claimed on a property that you simply own and do not attempt to rent.
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