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Nesgroup address: misc.invest.real-estate - Date & Time for the message: 16 Apr 2005 18:42:24 -0700
/ Author of the message: "speednxs" |
Title of the message: |
Re: Tax implications for renting out rooms in primary residence
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Text of the message: |
erikcoleman@yahoo.com wrote: > I have a couple questions about the tax implications of renting out > rooms in my current residence. > > Currently I'm renting out 3 rooms in the house that I own and am > living in. There is no problem, in principal, with doing this. Figure out the percentage of the house that is rental and consistantly use this. For instance part of your mortgage interest is rental interest on Schedule E and the personal part it on Schedule A (I think). The different schedules don't directly offset each other, so sometimes you want deduction on one more than the other. Consult your accountant for the details. Hasn't been a problem for me, yet (own house and some rentals). See IRS Publication 527, page 5 "Renting Part of Property". <http://www.irs.gov/pub/irs-pdf/p527.pdf> Good Luck . |
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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.