Would you like to know what's awesome?
When you don't live in the apartment you own you prettttttttty much loose ALL tax benefits and I'm sitting here reading an email from my tax guy telling me that I should go back to claiming ONE on my withholding thing so that I break even on the taxes...which means that I LIVE WITH MY PARENTS and I'm not financially ANY better off. And this is even factoring in the $1600 a month loss over and above what my tenant is paying in rent. God forbid I find my own place and have to pay rent AND a mortgage without any tax benefits!
Calgon, take me away!
Wednesday, October 21, 2009
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ummm this would be assuming that you want to admit to Uncle Sam that your primary residence is no longer your Apt in SF....
ReplyDeleteI'm just sayin....
@LB Dude, I know! That was the original plan but I started feeling bad about it so I thought I'd check to see what it would mean to be on the up-and-up and I SERIOUSLY CAN NOT BELIEVE what a crap deal it is.
ReplyDeleteI understand WHY and all, but it's not like I'm a real estate investor or anything and as soon as I get myself organized I'm going to take her rent money and turn around to pay a landlord of my own so it's reallllllly just a wash. As it is though, I'd be better off not owning that place at all!
I think you need to email your tax guy back and tell him you're getting another one -- there are WAY MORE tax benefits to being a landlord
ReplyDeleteIn addition to the mortgage interest and taxes that you took as itemized deductions as a homeowner you can deduct:
mileage to check on property
HOA dues
repair costs
cleaning supplies
depreciaition -- this will be huge
and basically all other costs of operating the rental
these are not itemized deductions, as long as your modified AGI is less than $100K, these deductions (up to a loss of $25K) are substracted from AGI (which is better than itemized). Of course you have to claim your rental income.
go to www.irs.gov and download Publication 527 and Publication 946 which will explain the above in more detail
And as long as your modified AGI is less than