Welcome Guest. Register Now!  


For 2013 Tax Tips For Year 2013.


 
 
LinkBack Thread Tools Search this Thread Display Modes
Prev Previous Post   Next Post Next
  #1 (permalink)  
Old 04-05-2013, 09:37 AM
Junior Member
 
Join Date: Apr 2013
Posts: 2
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?



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
 


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 Home is Now Mostly Rental thailen Rental Real-Estate 0 04-11-2011 05:14 AM
Rental not for profit? sjnbrody Income 1 03-02-2011 10:35 PM
Rental income question about not for profit sjnbrody Rental Real-Estate 0 03-02-2011 11:16 AM
Filing a Non-Profit or a For-Profit Federal Tax Return CondoHOA Filing Requirements 0 11-19-2009 01:54 PM
If I buy a house, sell it shortly afterwards, for a profit, and reinvest the profit.. hollowman512 Capital Gains 0 04-18-2009 03:49 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.