Rental Expenses Are Tax Deductible When A Property Is Listed As FOR SALE/LEASE At The Same Time?
If a property was listed as For Sale/Lease at the same time, and it was sold three months later because there was no any good rental prospectives. Can the owner still take tax deductions on his/her rental expenses during that three months, such as application forms, advertising, cleaning, etc.? Is there any IRS publication available for this situation? Thank you for sharing your knowledge!
to my knowledge, yes, you can still take those decudtions. However, I would double check with your CPA.