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Posted by nickravo1@gmail.com on March 26, 2008, 7:04 am
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if you are a landlord?
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Posted by Bill on March 26, 2008, 9:58 am
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nickravo@gmail.com (nickravo1@gmail.com) asked whether the subject was
deductible:
>if you are a landlord?
IMO, no! Property insurance specific to the unit being rented would be
deductible, and such a policy might include a "comprehensive" clause
which could include liability coverage ... but the usual personal
liability "umbrella" coverage is purchased for one's personal or family
protection, and would not therefore be properly charged to the rental
property.
Bill
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<< ------------------------------------------------------- >>
<< 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. >>
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Posted by way111 on March 26, 2008, 2:44 pm
Please log in for more thread options On Mar 26, 9:58 am, an_ordinary_guy_...@hotmail.com (Bill) wrote:
> nickr...@gmail.com (nickra...@gmail.com) asked whether the subject was
> deductible:
>
> >if you are a landlord?
>
> IMO, no! Property insurance specific to the unit being rented would be
> deductible, and such a policy might include a "comprehensive" clause
> which could include liability coverage ... but the usual personal
> liability "umbrella" coverage is purchased for one's personal or family
> protection, and would not therefore be properly charged to the rental
> property.
>
> Bill
>
My umbrella policy covers claims that may arise from incidents that
happen on my rental properties. So I've always taken the position that
since it provides insurance on the rentals, it is deductible.
However, I divide the cost by the number of properties I have
including my personal residence, so I am not deducting the portion
that covers my personal residence.
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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Posted by Bill on March 27, 2008, 9:08 am
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way111@gmail.com posted:
><snip>
>My umbrella policy covers claims that may
>arise from incidents that happen on my rental
>properties. So I've always taken the position
>that since it provides insurance on the rentals,
>it is deductible.
>However, I divide the cost by the number of
>properties I have including my personal
>residence, so I am not deducting the portion
>that covers my personal residence.
Your approach seems perfectly reasonable.
Bill
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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Posted by removeps-groups@yahoo.com on March 28, 2008, 9:20 pm
Please log in for more thread options On Mar 26, 11:44 am, way...@gmail.com wrote:
> However, I divide the cost by the number of properties I have
> including mypersonalresidence, so I am not deducting the portion
> that covers mypersonalresidence.
Will you use as the ratio the number of personal properties to the
total number of properties, or square footage of personal properties
to total square footage of all properties?
--
<< ------------------------------------------------------- >>
<< 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. >>
<< ------------------------------------------------------- >>
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