The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Rental property income||Date: 3/15/2001 10:34 AM|
|Author: gogolfer||Number: 48454 of 122537|
I really need help with this question.
I have just had my tax return done and the preparer has put down four months of rental income at fair market value for the year 2000. The problem I am having is that there was no income for 2000.
The home was purchased on 22 Aug and immediately put up for rent through a realty organization.
During this period I had the house painted and did other minor improvements.
There were no rental opportunities during the period 1 Sept. to 31 Dec.
It will however be rented effective 19 Mar 01.
The tax preparer told me that I had to list some passive income so that the IRS would allow the deductions and to avoid an audit.
I am not concerned about an audit as I have all my documentation.
Is the preparer correct in her assumption that I must show income even though there was none?
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|