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Posted by Doug on May 1, 2007, 7:12 pm
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Hit the essentials, and have faith in me that I'll pick up
the rest as I need to. Okay.
If you rent you house for 14 days or less, that's a tax
bonanza. You don't even declare the income on the 1040.
If you have a straight-up rental house all year long, you
have to declare income of course, and you can also deduct
all expenses, including depreciation.
And then we have the middle category. If you rent the
house, but also use it for personal use for the GREATER of
15 days or 10% of rental, that classifies as a vacation
home. Okay, I understand the interesting rule. What I
don't understand so well is the then what. What are the
major expenses that are limited and how are they limited?
Thanks.
-Doug
PS I worked for H&R Block for the 2003 season and then for
Jackson Hewitt for the 2007 season. I'm just trying to
learn. I do not have a particular case in mind.
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