Jump to content

Any resident tax gurus here? Where the CPAs at?


The Gun Of Bavaria

Recommended Posts

2 questions for anyone with tax knowledge....

1) Wife and I were married for 11 days in 2008 and filing jointly. At the time we married, we both owned our own homes. We live in "hers" and mine has been rented out since October. Am I correct that I claim mine as a rental now and hers as our primary for federal purposes? Does the interest and real estate taxes from the rental still have the same advantage for itemizing as the primary home? Also, I rent my house at a loss of $97/month....can I claim the loss also?

2) Do Daycare/Preschools have to provide a year end statement?

Thanks!

Link to comment
Share on other sites

2 questions for anyone with tax knowledge....

1) Wife and I were married for 11 days in 2008 and filing jointly. At the time we married, we both owned our own homes. We live in "hers" and mine has been rented out since October. Am I correct that I claim mine as a rental now and hers as our primary for federal purposes? Does the interest and real estate taxes from the rental still have the same advantage for itemizing as the primary home? Also, I rent my house at a loss of $97/month....can I claim the loss also?

2) Do Daycare/Preschools have to provide a year end statement?

Thanks!

You get the interest deduction for her home and for 3/4 of a year for your home. A second home qualifies, rental property does not. Not sure what you mean by renting at a loss but you probably have rental income.

Dunno on 2.

Link to comment
Share on other sites

I rent my home for $97 less than my monthly mortgage.

I think he thought that you meant you rent it for a literal loss... you have income from renting every month... it just doesnt cover your mortgage...

I wouldnt think you can deduct that 97 a month... but it would be cool if you could...

Link to comment
Share on other sites

GOB --

I used to have a rental house, and filled out Schedule E for it every year. Get familiar with that form, it will become your best friend. You can deduct the loss and other expenses as well for the rental. It works out pretty well actually.

Talk to someone about the timing for last year though or let Turbo Tax guide you through the particulars.

Link to comment
Share on other sites

Day Care should give you a statement, but seems it's hit or miss and the IRS doesn't really enforce that. You need the name,address and tax ID# and the amount of child care you paid them to get the credit. You can claim the loss on the rental on Schedule E, though there are different rules if you re a "professional" or a side job owner, for lack of a better description. Either way you should be able to claim the loss.

Link to comment
Share on other sites

Archived

This topic is now archived and is closed to further replies.

×
×
  • Create New...