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Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123541  
Subject: Re: Former Home turned Rental property help need Date: 3/17/2014 6:44 PM
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So I don't believe there's really anything major I can do right now for the preparing of this years taxes. I know we can't take any sort of deduction for the rental property,

Collect your documentation:
Condo fees, property taxes, repairs relavant to the rental
Mortage information
Travel expenses - Have you needed to go to the condo since your wife moved out? Check with your tax person on what you should document if you do need to go to the property.

Cost basis:
Try to find comparable sales at the time of conversion to rental property.

Check zillow and see if they list sales in the complex or comparable properties that are close around the time that the property became a rental.

Sites for local agents may show a history of sales.

Do you pay real estate taxes directly to the county? Are they based on current value of the property? If they are based on the current value, what value was used for the 2013 property taxes?

I'm assuming he'll be recording the loss (rent minus mortgage interest & condo assoc fees) somewhere on the return itself.

Including the depreciation will carry over until the property is sold or it starts to show a profit.
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