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#2
06-02-2006, 05:18 AM
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 Re: rental income or gift ynigrelli[at]summergrove.net wrote: - quote - > If family lives in second home, pay what they can towards
You may deduct the property taxes only.> costs, we pay all utilities, taxes, mortgage, repairs, and > we don't have a rental agreement. How do we claim in tax > return? ChEAr$, Harlan Lunsford, EA << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
02-27-2006, 09:37 AM
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| Re: rental income or gift ynigrelli[at]summergrove.net wrote: - quote - > If family lives in second home, pay what they can towards
Claim what? It sounds like you are letting your deadbeat> costs, we pay all utilities, taxes, mortgage, repairs, and > we don't have a rental agreement. How do we claim in tax > return? relatives sponge off your hospitality, not renting a house. Unless you have a valid rental agreement for something close to FMR, you are not renting anything. As your second home, your deductions (on Schedule A) are limited to mortgage interest and property taxes. Nothing else. << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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02-27-2006, 08:17 AM
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| Re: rental income or gift <ynigrelli[at]summergrove.net> wrote: - quote - > If family lives in second home, pay what they can towards
Well, you can't take a rental loss, if that was what you> costs, we pay all utilities, taxes, mortgage, repairs, and > we don't have a rental agreement. How do we claim in tax > return? were hoping for. I see it as just a cost sharing situation. You can however, deduct the taxes and mortgage interest on Schedule A. -- Paul A. Thomas, CPA Athens, Georgia << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
02-26-2006, 09:22 PM
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| rental income or gift If family lives in second home, pay what they can towards costs, we pay all utilities, taxes, mortgage, repairs, and we don't have a rental agreement. How do we claim in tax return? << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| gift, income, rental |
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