property listed for sale & vacant, deductible?

[dajackal]

hi all,

late last year i had my PPOR listed for sale
then i moved out so property became vacant
then 2.5 months later, still no sale
then decided to lease out the property instead
it is now a rental property with tenants moving in tomorrow

question is, for the period that the property was vacant and was listed for sale...is it possible to deduct any expenses?

 

[Propertunity]

....question is, for the period that the property was vacant and was listed for sale...is it possible to deduct any expenses?

The property must be "available" for rent to claim expenses. It would have been good if you could produce an advertisement, showing it was being advertised for rental during the selling period.

 

[Ed Barton]

hi all,

late last year i had my PPOR listed for sale
then i moved out so property became vacant
then 2.5 months later, still no sale
then decided to lease out the property instead
it is now a rental property with tenants moving in tomorrow

question is, for the period that the property was vacant and was listed for sale...is it possible to deduct any expenses?

see props comment..

when did you make it available for rent?

so it appear the first 2.52 months does not count..

 

[dajackal]

signed the management agreement with property manager only about two weeks ago...

but it's been vacant for almost three months now

 

[marg4000]

signed the management agreement with property manager only about two weeks ago...

but it's been vacant for almost three months now

The date you signed the agreement with the PM making the property available for rent is the date that deductions can commence.

For the previous three months the property was up for sale and unavailable to rent, therefore no deductions are allowable.
Marg

 

[dajackal]

cheers thanks for clearing that up.

i sorta knew that was the answer but was fishing around to see if i could get lucky somehow.