I have a condo that I live in for 6 months last year and rented to a friend for the other 6 months. What are the tax implications of claiming the rental. Considering my friend paid less than my total costs, so it qualifies as rental-not-for-profit. What are the pros/cons of regular rental property claim versus rental-not-for-profit? I believe there are some differences in terms of depreciation, deducting assessments, and tax basis on sale. I plan to sell my condo this year, so there would be approximately 1 year of rental.
2007-04-05
12:43:05
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2 answers
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asked by
MO
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