|
#2
| |||
| |||
| "rsantuc" <rsantuc[at]yahoo.com> wrote: - quote - > I own a home with my wife in Chicago, however I will have to
This depends. How long is the transfer for? 365 days or> transfer to Cincinnati for a job. My wife will stay in > Chicago and I will rent. Is my rent tax deductible in any > way? more expected? If so you now have a new tax home in Cincinnati and your rent is personal in nature and not deductible. This is a very difficult issue and very subjective because it is based on the anticipated length of stay and that may change at any time. -- Regards, Mark Rigotti << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#1
| |||
| |||
| "rsantuc" <rsantuc[at]yahoo.com> wrote: - quote - > I own a home with my wife in Chicago, however I will have to
How long is the job in Cincinnati "expected" to last? If it> transfer to Cincinnati for a job. My wife will stay in > Chicago and I will rent. Is my rent tax deductible in any > way? for less than 1 year, then your rent could be deductible. If it is expected to last for more than 1 year then your rent is NOT deductible and you just changed "tax homes". I would advise you consult with a local tax pro. Gene E. Utterback, EA << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
| | |||
| |||
| "rsantuc" <rsantuc[at]yahoo.com> wrote - quote - > I own a home with my wife in Chicago, however I will have to
If the job in Cincinnati is temporary (less than a year)> transfer to Cincinnati for a job. My wife will stay in > Chicago and I will rent. Is my rent tax deductible in any > way? then yes, it would be deductible as an unreimbursed employee business expense on Form 2106, that goes to Schedule A and is subject to a floor of 2% of AGI. If Cincinnati is your regular, permanent place of employment then you don't get any deduction. -- Paul A. Thomas, CPA Athens, Georgia taxman at negia.net << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |
|
#-1
| |||
| |||
| I own a home with my wife in Chicago, however I will have to transfer to Cincinnati for a job. My wife will stay in Chicago and I will rent. Is my rent tax deductible in any way? Thank: rsantuc << -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << -------------------------------------------------> |