Tag Archives: ASUSTek P527 Smartphone

Renting Out Rooms

Today TaxMama hears from Bloomers in the TaxQuips Forum. She is renting out the rooms in her 5-bedroom house. Bloomers asks.  “What are the laws for renting out rooms?  If the amount I am making in rent every month, on average, does not amount to the total cost of the mortgage and house expenses, is […]

Excess Rental Expenses

Today TaxMama hears from Susan in the TaxQuips Forum, who tells us. “I have more rental expenses than income, so there’s a loss of $20,000. But I can’t use it to offset any of our income.  Can I take the property tax and the mortgage interest that were on my rental house and add it to […]

Two Properties

Today TaxMama hears from Stephanie from Minnesota, who tells us. “My husband and I own two homes.  My sister is currently renting our first home from us and we live in the 2nd home.  Can we claim both homes’ interest on our taxes?  Does my sister qualify for a renters credit if we claim both […]