How do you do your taxes ?? how do you organize everything..

11/25/2008 4:12:53 PM

ah damn i was gonna start this one

11/25/2008 5:22:26 PM

with a great thread title like this one.....

filing cabinet and turbotax

11/25/2008 6:26:16 PM

Quote :

"ah damn i was gonna start this one"

well yeah, my thread was gonna have better questions...

11/25/2008 6:33:15 PM

My Landlord is a piece of shit

11/25/2008 6:40:14 PM

Hire a fucking accountant.

11/25/2008 9:14:55 PM

do you own your place---the one you will be renting out?? even if you don't and have a subleaser this rings true for everyone--make sure you have a contract

preferably an actual one with signatures and the whole shebang



[Edited on November 25, 2008 at 9:59 PM. Reason : .]

11/25/2008 9:58:30 PM

def get the whole shebang

11/25/2008 10:03:41 PM

sketchy guy based out of florida

11/26/2008 1:44:07 AM

I don't know much about it but I think they let landlords deduct maintainance/repair cost from the tax return. Hope this helps.

11/26/2008 1:52:31 AM

Ok here are my specific questions.....

if i don't own my current residence can i still write off my mortgage one the place i'm renting to others?

I'm pretty sure i have to claim their rent as income right??
What if their rent is less than my mortgage ? can i claim it as a loss???

11/26/2008 8:20:53 AM

you can not claim any positive income as a loss - not just for rent - ever....if it's your "primary residence" then you can write off the interest paid

11/26/2008 8:52:48 AM

A leasing company can write off the difference between the mortgage of the property and the monthly rent as a loss i'm pretty sure..

but i am not one of those.

11/26/2008 9:27:25 AM

Quote :

"if i don't own my current residence can i still write off my mortgage one the place i'm renting to others? I'm pretty sure i have to claim their rent as income right?? What if their rent is less than my mortgage ? can i claim it as a loss??? "

yes
correct
yes

11/26/2008 9:48:17 AM