if so how much of it could i write off and can i do this for as many years as i use it as the model , and what percent could be written off each year.
2007-01-23 06:52:41 · 3 answers · asked by anissia 6 in Business & Finance ➔ Renting & Real Estate
You would treat it as a rental, with no rental income. This means that you can take current deductions for property tax, insurance, interest, and upkeep costs, as well as take depreciation. When you sell it, the sales revenue excess over the depreciated basis will be a capital gain.
2007-01-23 06:59:19 · answer #1 · answered by Anonymous · 0⤊ 0⤋
You can only depreciate the value of the home but that will come back to bite you when you sell it.
Good luck
2007-01-23 06:59:03 · answer #2 · answered by jazzpaging 5 · 0⤊ 0⤋
depends on whether you have it in your own mane or under a business, if personal (live in it) probably only 25% or 50%, if business maybe more. not sure chheck with a tax attourney.
2007-01-23 07:04:05 · answer #3 · answered by charles jr. h 2 · 0⤊ 0⤋