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Old 04-05-2013, 10:40 AM
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Son living in home - not for profit rental?

My husband and I purchased another home in Florida in August. Our first home in Fort Lauderdale is not worth what we paid and we cannot sell it. Our son was going to school at the time and couldn't move to the other side of the state, so he is staying in the house. All of the utilities are in my husband's name...our son "occassionally" pays us board when he can, but it barely covers the utilities. The tax person we took our taxes to is saying we must claim it as a not for profit rental. Is this true?



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