I own house A and decided to move to a smaller house. So I rent another house B and move in. I rented out my own house. I am wondering whether I can claim the rental expense of house B as deduction for my tax income of house A. Thanks,
2007-03-04 08:52:39 · 6 answers · asked by Howard 1 in Business & Finance ➔ Taxes ➔ United States
No you can't - that is a personal expense of having a place to live.
2007-03-04 09:04:27 · answer #1 · answered by Judy 7 · 1⤊ 0⤋
you will finally have some tax subject concerns...undesirable ones too. because of the fact the different persons have mentioned, you're earning an income without paying the taxes due. You ask your self how the IRS will locate out? ordinary. The loan organisation will report with the IRS a style 1098 reporting the activity and real assets taxes you paid. the IRS will tournament up this information including your tax return., yet won't have one from you. they are going to ask you for one. once you do no longer record the income, they are going to agin become curious how a school age individual can handle to pay for a loan with none income. that often is the initiating of the top for you. As on your question, the taxes paid to the loan organisation are for real assets no longer income, so heavily isn't refunded. If I have been you, i'd possibility working afoul of the student loan officers quite than the IRS. record the income, with the appropriate costs. If the interst and taxes exceed the income, you have an internet working Loss which could be carried over to the subsequent 3 hundred and sixty 5 days.
2016-12-14 10:39:13 · answer #2 · answered by ? 4 · 0⤊ 0⤋
No. You can't deduct the cost of renting a place for yourself to live in. You should be claiming income from house A and you can deduct any expenses you incurred for that property though.
2007-03-04 08:59:11 · answer #3 · answered by k_hart100 3 · 1⤊ 0⤋
Rent of a personal residence is never deductible. You can claim mortgage interest, property taxes, depreciation, and maintenance expenses against the rental income.
2007-03-04 10:55:52 · answer #4 · answered by STEVEN F 7 · 0⤊ 2⤋
No, you can claim repair expense, interest on mortgage payment, if any, etc. on House A. You also have to claim the income.
2007-03-04 09:24:15 · answer #5 · answered by beez 7 · 1⤊ 1⤋
No you can't, sorry.
However, you may want to look into renter's credit, which some states like California offer depending on certain criteria.
2007-03-04 11:10:25 · answer #6 · answered by James SCC 2 · 0⤊ 0⤋