07-16-2003, 10:24 AM
| |||
| |||
 Re: renting part of my primary residence taxservice[at]aol.compliance (John H. Fisher) blurted out - quote - > Where Ignorance is bliss, 'tis folly to be wise!=
This reminds me of an incident with my mother. She and my father ran their own business, and she did the taxes. She didn't know much about taxes, but read the instructions and seemed to be able to follow them without much trouble. There were two rules she knew, among others. One was that you write off purchases, and the other is that you depreciate capital expenditures. So for years she would write off and also depreciate capital expenditures. Over the years they were audited twice, but that bit of double dipping was never discovered. Stu << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
07-13-2003, 07:10 AM
| |||
| |||
| Re: renting part of my primary residence lam94618[at]yahoo.com (Emery Lam) writes: - quote - > If I rent out part of my live-work loft to a business,
Only on the portion not used for business purposes.> do I still qualify for the capital gains exemption > when I sell it? "Jack" - John H. Fisher - TaxService[at]aol.com Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html Where Ignorance is bliss, 'tis folly to be wise!= << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| Tags |
| part, primary, renting, residence |
Similar Threads | ||||
| Thread | Forum | Replies | Last Post | |
| New account - how to change primary purpose of the accont Dmitriy: I created an account and at the initial set up assigned it "business" purpose. I would like to change the "business" purpose to "personal" but can... | Microsoft Money | 1 | 07-28-2008 11:31 AM | |
| Transaction which is part expense, part transfer martin_pentreath@hotmail.com: I have a debit from an account associated with arranging a remortgage on a house. Part of the sum debited is a payment of legal expenses, so it... | Microsoft Money | 3 | 04-27-2008 04:22 PM | |
| Separating the Budget part from the Checkbook part James: Hello, How do I disengage the Budgeting part of Money from the Checkbook part? I want to keep the two separate. Thank you. | Microsoft Money | 1 | 01-05-2004 07:21 PM | |
| Sale of rent house once primary residence Mimi Seibel: How does one get Proseries to associate the Sale of Main Home Exclusion with the Disposition of Asset on a Sch. E rent proeprty? I can not figure... | Taxes | 2 | 07-12-2003 08:10 AM | |
| Thread Tools | |
| Display Modes | |
| |
Linear Mode
