Today TaxMama® hears from KW who is selling his former residence. He wants to know if the residence he bought in 1991 and converted to a rental in 2007 still qualifies for the personal residence exclusion of $250,000?
Today TaxMama® hears from Bob with this question. “In order to rent my residence (house) as “unfurnished”, I had to move my furniture and other belongings to a storage facility (like Public Storage). Can I deduct the expense of this storage against my rental income?”
Today TaxMama® hears from GADS in the TaxQuips Forum, with this issue that I probably should not make public: “A 2 family house has been rented for the last 5 years. Both units are rented. The owner stopped paying the mortgage 18 months ago. He still is collecting rents and reporting them on Schedule E. […]
Today TaxMama® hears from NCTaxLady in the TaxQuips Forum, with an interesting situation. (Let me summarize) “My client bought an airplane in June. He used it 11 times and rented it out 5 times. How do I handle the reporting of this? And should he put the plane into an LLC?”
Today TaxMama® hears from Ellen in the TaxQuips Forum, who is getting conflicting information. “I had no idea, when we decided to be responsible parents to my son and the son of a family friend, that we’d have such a headache at tax time when we decided to start charging “rent” after they graduated from […]
Today TaxMama® hears from Grandma in the TaxQuips Forum, who tells us. “We have a rental, which was left to us in a trust. It only brings in $500.00 a mo which is $6,000 a year. It is very old and has quite a few repairs each year. We have always filed under the trusts […]
Today TaxMama® hears from KH in the TaxQuips Forum, with this question. “My parents are willing to give me a rental property they own. The house is in their name and they currently claim it on their taxes. There is a mortgage on the property as well. We are currently trying to refi the house […]
Today TaxMama® hears from Grace in the TaxQuips Forum with an interesting question. “I understand that if you rent/lease your home for production filming for 14 days or less, then that income you earn is “exempt” from California and Federal taxes. Although a 1099 will still be issued by the filming company, on our taxes […]
Today TaxMama® hears from Lisa in the TaxQuips Forum with this question. “I have a client that simply executed a quitclaim deed of a second home to her niece. She now wants to sell the home and is concerned about the tax consequences to both herself and her niece. How do I advise them both?”
Courtesy of the Internal Revenue Service Renting Your Vacation Home Income that you receive for the rental of your vacation home must generally be reported on your federal income tax return. However, if you rent the property for only a short time each year, you may not be required to report the rental income.