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Nesgroup address: misc.invest.real-estate - Date & Time for the message: Thu, 17 Feb 2005 06:24:25 GMT
/ Author of the message: Chris Jarshant |
Title of the message: |
Re: second home vs. rental for tax purposes
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Text of the message: |
"Tyrone" <Tyrone@innercity.net> wrote in news:tyUQd.46952$Th1.29537@bgtnsc04- news.ops.worldnet.att.net: >> We purchased a condo in Aug 2004 for the purposes of renting >> it out for profit. We put a few ads in the local papers but >> weren't getting any bites so we decided to put it up for >> sale. We sold it in 2005 however for 2004 tax purposes, >> the question is, can I classify it as a second home since >> a) we spent a week there ourselves, and b) never actually >> rented it to anyone (i.e. no rental income)? I'd like to >> deduct the interest and taxes from my personal income on >> schedule A of my tax return, rather then treat it as a >> vacation home and limit my deductions but am concerned >> that our *attempt* to rent it might make it a rental >> property? >> >> cj > > As a rental property, all of your expenses are deductible also. So why do I get a bigger tax break (i.e. a bigger deduction from |
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Estaplace.com is one the Ceglia Giovanni projects, started on 20 July 2005, and online since 20 August as a real estate platform for listings, mainly operating on the Italian and American/English market in the Internet, Estaplace would like to become the point of referiment for home sellers and home buyers, a site where private owners or real estate agencies can have the possibility to show their offers to the world. Estaplace.com is only one of the Giovanni Ceglia's sites. Everyday Giovanni Ceglia works to improve new Internet tools and services for online marketing and business. Estaplace.com will become the biggest portal for real estate business and investments online.