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Buying & Selling Real Estate

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Ben M.
Pro Member
  • Houston, TX
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Selling the property and taxes

Ben M.
Pro Member
  • Houston, TX
Posted Nov 12 2022, 11:02

My rental property is getting sold before end of this year. Would I still be able to do a tax deduction on the repair and operational expenses that I spent on the property  before it was sold?

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Scott E.
  • Developer
  • Scottsdale, AZ
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Scott E.
  • Developer
  • Scottsdale, AZ
Replied Nov 12 2022, 13:18

Yes

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Basit Siddiqi
Pro Member
  • Accountant
  • New York, NY
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Basit Siddiqi
Pro Member
  • Accountant
  • New York, NY
Replied Nov 12 2022, 16:22

You would report the rental property onto your 2022 tax return - including rental income and expenses.

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