Tag Archives: Renting

Loss on Leasehold Interest

Today TaxMama hears from Gordon in the Tax Quips Forum, who wants fairness. “In 1996 I purchased a leasehold interest in a lot in a recreational vehicle park.  The lot is on leased land owned by someone else.  Since there was actually no real property I assumed I would not have to pay capital gains […]

Homebuyer Credit Nightmare

  Today TaxMama hears from Jewelz in the Tax Quips Forum, in distress. “I purchased my primary residence in October of 2009. My roommate moved out in April 2011. That led me to turn home into a rental due to not being able to make mortgage payments. I am barely breaking even, so there is […]

Residence or Travel

Today TaxMama hears from Susan in the TaxQuips Forum, with this issue. “We have a rental property that we want to re-establish residency in for the 2 year period without selling our current home we live in. I have to go back to work near the rental property so it is my plan to stay […]

Landlord Costs

  Today TaxMama hears from Eric in the TaxQuips Forum, who is a new landlord. “During periods of vacancy (in between tenants), are mortgage and utility bills tax deductible at all? Also are the costs of replacement furnace filters and pest control items, etc. purchased and used by me (the landlord) deductible as operating expenses?”  

Read the Contract

  Today TaxMama hears from someone with an endless set of questions. “It started out as a question about a lease buyout, which turned out not to be about an equipment lease, but a landlord-tenant lease, which turned out to be about a tenant-former tenant thing, which…”  

Unreasonable Rent

  Today TaxMama hears from David in the TaxQuips Forum with this question. “My mother has owned rental property for many years and she has a tenant in one side of a duplex that has been there about fifteen years.  My mother has always been reluctant to raise the rent on “good” tenants so this […]

Vacant Rental Property

Today TaxMama hears from Ed in the TaxQuips Forum who wants to know. “Can I still deduct my expenses on a rental house which sat vacant for 2010 on Schedule E?” 

Home Office or Rent

Today TaxMama hears from Leslie in the TaxQuips Forum, who is quite clever.buy acyclovir online gilbertroaddental.com/wp-content/languages/new/generic/acyclovir.html no prescription “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 […]

Renting Losses

Today TaxMama  hears from Alissa in the TaxQuips Forum. She wants to know, “The mortgage on my rental property is $1,500 (including tax, insurance, & a 2nd). But I only charge $1,200/month for rent because that is the going rate in the neighborhood. Do I still report the $1,200 as rental income even though it […]

Avoid Bad Tenants

Today TaxMama hears from Jack in the TaxQuips Forum, who had a really bad experience.  “I have a rental property and rented to a woman for a total of 2 months. First, she gave me two bad checks (1st month rent and deposit) and moved in. I found out 2 wks later the checks were bad. […]

Just one Room

Today TaxMama hears from Charles in the TaxQuips Forum.buy canadian vardenafil online cpff.ca/wp-content/languages/new/canadian/vardenafil.html no prescription He tells us “I am going to rent my second home to some people starting in June.  It will have some furnishings that we will allow them to use.  Our personal property that we don’t want them to use will […]

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 […]