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#1
04-11-2009, 02:08 AM
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 Re: CA renter's credit when multiple people living in same house Alan wrote: - quote - > > I see a possible > > loophole if a family of 10, each one filing a single tax return, lives > > in a 2 bedroom house and each one claims the renter's credit of $60. - quote - > If 10 people, all of whom are paying rent > for their principal residence, can squeeze into a 2 BR house and pay > rent for 6 months.. go for it. Not just people -- family members, but no one is anyone else's dependent or spouse (MFJ credit is $120). Talk about family values! -Mark Bole -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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04-10-2009, 07:38 PM
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| Re: CA renter's credit when multiple people living in same house removeps-groups[at]yahoo.com wrote: - quote - > Hi. Does the CA renter's credit apply to a family or group of friends
is not a dependent, whose income is not too high, is not living> that rents a house, townhouse, or big condo and each one pays a part > of the rent? It seems that it ought to, especially if the rent each > one pays is FMV relative to the size of their room. I see a possible > loophole if a family of 10, each one filing a single tax return, lives > in a 2 bedroom house and each one claims the renter's credit of $60. The nonrefundable credit is available to any resident of CA who on property that is exempt from CA property tax and pays rent for at least 6 months for his/her principal residence. If 10 people, all of whom are paying rent for their principal residence, can squeeze into a 2 BR house and pay rent for 6 months.. go for it. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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#-1
04-10-2009, 07:24 PM
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| CA renter's credit when multiple people living in same house Hi. Does the CA renter's credit apply to a family or group of friends that rents a house, townhouse, or big condo and each one pays a part of the rent? It seems that it ought to, especially if the rent each one pays is FMV relative to the size of their room. I see a possible loophole if a family of 10, each one filing a single tax return, lives in a 2 bedroom house and each one claims the renter's credit of $60. -- << ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- > |
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