Home Page link  

Home rental while working abroad

  
Groups | Search | About
User Password
Register Now! Lost Password?

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated)

 Post an article  get this group's latest topics as an RSS feed add this group's latest topics to your My MSN content add this group's latest topics to your My Yahoo content  add this group's latest topics to your Google content  YahooMyWeb Yahoo!  Google Google  Windows Live Favorites Windows Live  del.icio.us del.icio.us  digg digg  Add to Netscape Netscape
Subject Author Date
Home rental while working abroad mike1 03-13-2008
Posted by mike1 on March 13, 2008, 6:12 pm
Please log in for more thread options
 My son is in China on a teaching assignment since Aug 2007. He is
renting his hous eto a friend. How should I treat it for tax
purposes.

Michael

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Phil Marti on March 13, 2008, 7:03 pm
Please log in for more thread options
> My son is in China on a teaching assignment since Aug 2007. He is
> renting his hous eto a friend. How should I treat it for tax
> purposes.

It's a rental property which he reports on Schedule E of the 1040. See IRS
Publication 527.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by PeterL on March 13, 2008, 7:20 pm
Please log in for more thread options
On Mar 13, 3:12 pm, mi...@davismi.com wrote:
> My son is in China on a teaching assignment since Aug 2007.  He is
> renting his hous eto a friend.  How should I treat it for tax
> purposes.
>
> Michael
>

Michael: I don't know how you should treat it, but your son should
treat it just like any other rentals: rental incomes, expenses,
depreciations, that kind of stuff.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Similar ThreadsPosted
Son working abroad. January 8, 2008, 1:24 pm
Home buyer - abroad January 7, 2007, 10:51 pm
Client working and living abroad files federal returns; no major assets left in the USA, will he have to file state returns? October 10, 2008, 2:30 pm
Tax write-offs for working at home? September 27, 2007, 2:38 am
Re: Vacation Home Rental October 24, 2006, 7:08 am
Re: Vacation Home Rental October 28, 2006, 6:40 pm
Rental Home question August 14, 2007, 3:43 am
Depreciation and Amortizaton (form 4562) for rental home February 4, 2007, 2:05 am
Can you call a rental a 1st home for a lower rate on a mortgage? April 16, 2006, 2:48 am
sell home to your corp or LLC to become a rental and claim $500k exemption? July 29, 2008, 1:24 pm

Contact Us | Privacy Policy
This site is not affiliated with Intuit - makers of Quickbooks and Quicken software
This site is not affiliated with Sage Software - makers of Peachtree accounting software
XML SitemapXML Sitemap