Check with a CPA, but my mom did for years. - Saab General Bulletin Board - Saabnet.com
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Check with a CPA, but my mom did for years.
Posted by EricG (more from EricG) on Thu, 27 Sep 2012 11:11:48
In Reply to: OT: Renting a room in my house and Taxes., B Millar [Profile/Gallery]
, Thu, 27 Sep 2012 07:02:59
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My mother rented out essentially half her house plus shared kitchen, etc. The second story was really well set up for the arrangement. We were near the University, and she enjoyed having students from other countries. Kept her young into her '90s.
She had a tax preparer who basically deducted half of all expenses with the home including depreciation for major expenses such as roof, furnace, etc. She did not depreciate the home. She did this for over 20yrs with no IRS questions. I think she actually had a loss most years, but the rent and tax advantage helped her travel more!
Don't get greedy and you should be fine.
posted by 66.72.21...
Posts in this Thread:
- OT: Renting a room in my house and Taxes., B Millar , Thu, 27 Sep 2012 07:02:59
- Well, I am a CPA, and this is rent..., RodM, Thu, 27 Sep 2012 18:21:20
- Yes, but spend the money on a local advisor, Noel, Thu, 27 Sep 2012 11:32:02
- Check with a CPA, but my mom did for years., EricG, Thu, 27 Sep 2012 11:11:48 <-- Viewing This Message
- We rented part of our house for years.., Cary, Thu, 27 Sep 2012 10:15:16
- In a word....., MI-Roger , Thu, 27 Sep 2012 07:07:15
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