My Sister Own a house and i live in it. I pay the mortgage 100%. I know i can't write that money off because it is on her name BUT can i have a rental agreement with her and write off the money i pay for the house as rent. Cause that's pretty much what i do. Is the rent 100% Deductible?
2007-08-29 13:53:27 · 3 answers · asked by Anonymous in Business & Finance ➔ Other - Business & Finance
No rent isn't 100% deductible - and unless you are using part of the property as an office to run a business from, it isn't even 1% deductible, it's not deductible at all.
2007-08-29 14:04:55 · answer #1 · answered by Judy 7 · 0⤊ 0⤋
According to the IRS website, it is typically not. There are some circumstances under which a business is run from the home, but even that is not 100% deductable.
I put the website below. Hope it helps
2007-08-29 14:00:13 · answer #2 · answered by Etta P 4 · 0⤊ 0⤋
sure you could. It gets deducted as a company rate against the quantity you made in hire. in case you're making $24,000 in hire, and the activity is $eleven,000, then your income from the condominium sources would be $13,000. with the aid of the way, you could write off any advancements or upkeep you had to make with the aid of the year as nicely. that incorporates any expenditures the valuables agent made for itemizing the valuables.
2016-10-17 06:31:53 · answer #3 · answered by balsamo 4 · 0⤊ 0⤋