Rent/Mortage Payment (by Mike [SC]) May 18, 2008 3:05 PM
Rent/Mortage Payment (by Virden [OH]) May 18, 2008 4:48 PM
Rent/Mortage Payment (by mike [SC]) May 18, 2008 5:32 PM
Rent/Mortage Payment (by Shawn [SD]) May 18, 2008 6:57 PM
Rent/Mortage Payment (by tyler [NC]) May 18, 2008 7:07 PM
Rent/Mortage Payment (by Jeromy [NJ]) May 18, 2008 7:33 PM
Rent/Mortage Payment (by billy button [MA]) May 19, 2008 8:09 AM
Rent/Mortage Payment (by mike [SC]) May 19, 2008 9:42 AM
Rent/Mortage Payment (by John... [MI]) May 19, 2008 10:45 AM
Rent/Mortage Payment (by Mike [SC]) May 19, 2008 11:16 AM
Rent/Mortage Payment (by Mike [SC]) Posted on: May 18, 2008 3:05 PM Message:
State Specific Question About: SOUTH CAROLINA (SC)
If I'm receiving rent that is less than my mortgage payment, can I claim the difference as a loss? For example: Rent amount is $1100.00 and mortgage payment is $1400.00. Can the $300.00 be considered a loss at tax time or am I S.O.L? --207.144.xx.xxx |
Rent/Mortage Payment (by Virden [OH]) Posted on: May 18, 2008 4:48 PM Message:
Why are you paying someone to live in your place? You cannot deduct negative cash flow, anyone at the IRS is gonna ask you the same question. I am gonna guess this is family member and you will re-rent much higher next tenant, if not do you have excess lottery winning to distribute or what's the catch? --99.161.xx.xxx |
Rent/Mortage Payment (by mike [SC]) Posted on: May 18, 2008 5:32 PM Message:
We tried to sell the house at the same time we were having one built. The house did not sell at the time the new house was completed. The only option was to rent the house. The neighborhood will not support a high rent amount. The 1100.00 was the best we could get. Our intention is to ride the market out then to try and sell again at a later date. Thank you. --207.144.xx.xxx |
Rent/Mortage Payment (by Shawn [SD]) Posted on: May 18, 2008 6:57 PM Message:
Talk to your accountant and they will explain it to you. Your monthly expense for the house is depreciation, not the mortgage payment. Of course you get to claim you other expenses too such as repairs, insurance property taxes, etc.
If the extra money you are shelling out is hurting your cash flow you could try to refinance. --66.17.xxx.xxx |
Rent/Mortage Payment (by tyler [NC]) Posted on: May 18, 2008 7:07 PM Message:
you can deduct all true expenses of that 1400 dolla mortgage payment..., such as the interest and any escrowed taxes/insurance that are paid during that tax year....what you cannot deduct is mortgage principal paydown....
so more than likely...., you'll be deducting a great percentage of the difference from the 1400 dolla mortgage payment and the 1100 rent.
Its standard business. Subtract expenses from income..... --75.181.xxx.xxx |
Rent/Mortage Payment (by Jeromy [NJ]) Posted on: May 18, 2008 7:33 PM Message:
Go to irs.gov and find a form 1040 Schedule E which is the balance sheet of your rental income and expenses. File Schedule E with your 1040 next year. --151.204.xxx.xxx |
Rent/Mortage Payment (by billy button [MA]) Posted on: May 19, 2008 8:09 AM Message:
when u or your accountant does your sch E u will show rent and then expenses.if u end up with a loss thats what u report.it would be your salary on 1040 less your loss on sch E.i assume u are charging market rent or pretty close.i think it would be a good idea to see a cpa on this.there are a few wrinkles .good luck --208.58.x.xx |
Rent/Mortage Payment (by mike [SC]) Posted on: May 19, 2008 9:42 AM Message:
We're on the high end of the market in our area but the house is well worth the asking price. Thank you for all the advice. This is our first time being the landlord and not the renter. It's a lot scary. Mike --207.144.xx.xxx |
Rent/Mortage Payment (by John... [MI]) Posted on: May 19, 2008 10:45 AM Message:
Houses are worth what they will sell for -- that is their market value. Statements of "my house is well worth the asking price, but just won't sell" means that they are not currently worth the asking price. :)
- John...
--207.241.xxx.xx |
Rent/Mortage Payment (by Mike [SC]) Posted on: May 19, 2008 11:16 AM Message:
Asking price was meant to mean rent amount. --207.144.xx.xxx |
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