Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-11-2011, 03:06 PM
Junior Member
 
Join Date: Apr 2011
Posts: 1
Question Renting out Home - moving away 2 years for work

We own a home in Utah. Bought it in 2006 and have lived in it ever since. We pay $1350/month in interest. Wife has a two-year fellowship starting July 1, 2011 in Atlanta. Can't sell house for what we owe, so we're looking at renting it out while we're gone and renting a house in Atlanta. FY 2010 our combined AGI was just over $150,000. It should be at least as high this year and next.

Are we going to be able to deduct anything for renting out our home? Is there any way to not have the rent from the house count as income? Are we going to get nailed on taxes (i.e. make too much to be able to deduct rental expenses)?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
My rental expenses for renting primary home egmacrae Rental Real-Estate 1 04-16-2010 01:48 AM
Moving for job - tax Q RE renting primary residence HomeOwner Looking To Rent Rental Real-Estate 6 10-26-2009 04:21 PM
Renting out vacation home to our S Corporation opus71 Rental Real-Estate 0 10-02-2009 07:31 PM
How does this First Home Buyers Credit work? TaxGuru Homeowner Tax 0 01-29-2009 02:52 AM
how far must my old home be to the new home in order to deduct moving exp's? Allard Miscellaneous 1 06-14-2007 12:24 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.