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Old 12-24-2003, 12:21 AM
Mark Rigotti, CPA
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Default Re: Own a home but have to rent for work

"rsantuc" <rsantuc[at]yahoo.com> wrote:

- quote -

> 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?


This depends. How long is the transfer for? 365 days or
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

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  #1  
Old 12-22-2003, 10:22 PM
Gene E. Utterback, EA
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Default Re: Own a home but have to rent for work

"rsantuc" <rsantuc[at]yahoo.com> wrote:

- quote -

> 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?


How long is the job in Cincinnati "expected" to last? If it
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 > << ------------------------------------------------->
 
Old 12-22-2003, 07:46 PM
Paul A Thomas
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Default Re: Own a home but have to rent for work

"rsantuc" <rsantuc[at]yahoo.com> wrote

- quote -

> 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?


If the job in Cincinnati is temporary (less than a year)
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

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  #-1  
Old 12-19-2003, 11:46 AM
rsantuc
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Posts: n/a
Default Own a home but have to rent for work

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 > << ------------------------------------------------->
 

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