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How are depreciation, taxes, maintenance, insurance, etc handled on tax return for vacant rental property?
How are the above expenses handled on tax return during period when property is vacant and in process of being renovated? Should a Schedule E be included with the current return at all during this time if all of these are to be capitalized and deducted over the following years? Is depreciation not required to be taken yearly -- can it be capitalized?
If depreciation has to be suspended, does that mean that you have essentially lost that amount?
The advice to move the taxes and interest to Sch A is incorrect.
You simply suspend the depreciation and capitalize the improvements, repairs and carrying costs (insurance, real estate taxes and interest). As soon as the property is again available for rent, you start using Sch. E again. If this is just part of a year, you may wish to add a note explaining the property was out of service for this time period.
Rental Property Owners Fight Tax Assessments
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