I rented out my house in Michigan and am currently living in an apartment that I am renting. Is there anything that I can get back in my taxes from this?
2007-01-03 10:27:29 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Your apartment where you are living is not deductable unless it is because you had to go for your job "temporarily".
For the house, you would fill out Schedule E. The rents you are receiving would be income and the interest would be an expense along with repairs, utilities and depreciation. Because of the depreciation, most rentals do generate a tax loss. One last point, the rental loss is only deductable if you are renting at "Fair Market Value". If you are renting it below want other comparable places are renting for, the rental loss is not allowed.
2007-01-03 10:48:40 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
There are several items that can be deducted as rental expense. For the complete list, the attached IRS publication is the best information source.
2007-01-03 18:49:00 · answer #2 · answered by oakhill 6 · 1⤊ 0⤋