Rental property sch E tax question

[Blueknight44]

I have 2 rental properties that require extensive repairs that are 1300 miles apart.Both properties are 2700 miles from my primary home.Cash flow has stopped the conclusion of repairs and I'm doing labor like repairs and painting on both properties.One property has reported 26 years of rental income and the other has 5 years of rental income and this year both will have no income.

WHEN I PREPARE MY 2014 TAXES WILL I HAVE A ISSUE when I have no income and have expenses that will show a loss vs earned income that I report ?

I have long term capital gains that will require a tax payment to the tax prople.

Thanks,

[TBH]

You should speak to an accountant, but you can report a loss this year without a problem. If you report a loss several years in a row, the IRS stops considering it a business and starts considering it a hobby. But as long as you're just declaring a loss this year, you should be okay from a tax standpoint.

[Blueknight44]

Hi'

Thanks

[97guns]

i list all my rentals individually, showing a loss is no problem. dont try to hide anything especially if your in for a loss, you take those writedowns off your cap gains even if they are from another source. have income from an employer?, those repairs will help

how are you getting from property to property, IRS allows a standard deduction of .55 a mile for travel, 1300 miles is $600 and the best thing about std deductions is you need no proof, no gas receipts, no repair records nothing. its their ruling, i didn't make it up i just take full advantage of it year after year