Tag Archives: Rental Income

Renting Your Vacation Home

 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.

Home Office or Rent

Today TaxMama hears from Leslie in the TaxQuips Forum, who is quite clever. “I am helping a friend out with her business.  She currently takes a deduction for having a home office for the company that she runs out of her home. Would it benefit her more to charge the company rent?  I know she […]

Renting For Filming

Today TaxMama hears from York in the TaxQuips Forum, who has found an interesting income source. “We just received our first contract for our 1916 home to be used for a commercial. The shoot lasts 3 days and we will receive $9,000 – cool! It seems that the IRS (and somewhere on your site) state […]

Living in the UK

Today TaxMama hears from Catherine in the United Kingdom. “I am a US citizen, employed by a UK employer and living and working in the UK where I pay taxes. I own an apartment in NY which I rent out. I report the rental income on my US tax return. Must I report my UK […]

Reporting Mexican Income

Today TaxMama hears from B in Washington State, with this question. “If I have passive rental income of $100,000 from a business in Mexico that goes into a trust in Belize, am I required to report that on my 1040 in the US? I am a US citizen and live in the US 100% of […]

Offsetting Capital Losses

Today TaxMama hears from Praveen in North Carolina, who asks. “Can I deduct gains from a rental property sale against my capital loss carryovers from stock sales?”

Roommates and Taxes

Today TaxMama hears from Shawn in North Dakota who is worried: “I just purchased a home as my primary residence. Several people live in this home and pay a monthly amount to help cover the mortgage. Am I required to report this as rental income even though this is my primary residence? I believe if […]

30 Year old Basis

Today we hear from Joe in Iowa who tells us. “We have lived in our house for over 30 yrs. In April 2007 we began renting part (20%) of our home to a friend. How do I determine the basis of the rental portion (20%) of our home?”

Time Share Penalties

Today TaxMama hears from Peg in the Tax Parlor, who tells us: “In the past, I had been declaring rental income from our timeshare, and deducting the maintenance fee. For the last 2 years, I have NOT done this. But I’m a little concerned, because I always get a 1099-Misc form from the timeshare. I […]

Canadian Rental

Today TaxMama hears from John in the TaxParlor who says, “I had a client ask how to claim a rental in Canada. He got it this year 2006. He pays property tax and mortgage interest and has some other costs. He also said it was a time share. He is not using it and only […]