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First Rental Tax Implications
Hello all. My wife and I finally found our path to our first rental! We bought a new primary house in November and had a rental contract on our old house that started Jan.1 2025. I plan to consult a tax professional but before wasting anyone's time I would like to ask whether I can technically claim the property as a rental in 2024 even though our first contract started Jan. 1, 2025?
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Natalie Kolodij
Tax & Financial Services
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It is first reported based on when it's in service.
This is when it's ready and available for rent. If the rental lease started 1/1/2025 it's likely it was technically in service in 2024.
Kolodij Tax & Consulting