Search found 5 matches

by acedc33
Tue Mar 13, 2018 2:54 pm
Forum: Investing - Help with Personal Investments
Topic: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications
Replies: 14
Views: 1649

Re: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications

Renting at less than market value will definitely complicate your taxes. http://laporte.com/knowledgecenter/tax-services/tax-consequences-of-charging-below-market-rent This was super valuable information! thank you! The scenario that the article is describing is kind-of what i was thinking about do...
by acedc33
Tue Mar 13, 2018 2:44 pm
Forum: Investing - Help with Personal Investments
Topic: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications
Replies: 14
Views: 1649

Re: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications

The rules on renting your house are complex, but you should already know all of this from filling out Schedule E for your existing rental. The main advantage is being able to depreciate the house over time and that’s where the tax savings is. Your problem will be that in order to do that you cannot...
by acedc33
Tue Mar 13, 2018 2:40 pm
Forum: Investing - Help with Personal Investments
Topic: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications
Replies: 14
Views: 1649

Re: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications

1 Have a rental agreement signed and then it is income. 2 Or, a friend is living with you and helping you out with expenses (not income) and sometimes you are there but sometimes not and nobody cares, you will have another residence and live between the two. Simple. Either or, IMHO. Keep it simple....
by acedc33
Tue Mar 13, 2018 2:38 pm
Forum: Investing - Help with Personal Investments
Topic: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications
Replies: 14
Views: 1649

Re: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications

[/quote] I assume the "in-law" suite rental will continue? No accountant here, but since you will be maintaining a presence in that house - seems to me that you may not actually be charging a clearly below market rate rent - since this renter will not have full access/control of the 2/3 of the house...
by acedc33
Mon Mar 12, 2018 10:35 am
Forum: Investing - Help with Personal Investments
Topic: "Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications
Replies: 14
Views: 1649

"Renting" my house to a friend for 2 years while away for work - Questions on Tax Implications

I purchased a 3BR home in Washington DC in September of 2015 and have been using it as my primary residence along with my girlfriend, the girlfriend pays "rent" each month which i call "shared house expenses". I do not report this as income. I do however rent an in-law suite to a friend and i DO rep...