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Old 04-05-2013, 09:37 AM
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First home that son is living in - not for profit rental?

My husband & I have a home in Fort Lauderdale, FL. In August of 2012, we bought a second home in Sarasota, FL. My 22 year old son is living in the Fort Lauderdale home and we are living in the Sarasota home. My son "tries" to pay a little something to his father and I for the house, but overall we pay the mortgage, insurance, taxes and utilities. The person doing our taxes is saying we have to claim the Fort Lauderdale house as a not for profit rental. We have no lease and he is just staying there because we cannot sell it and we do not want to leave it empty. Is this correct that we have to claim it as a not for profit rental?



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