Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 07-17-2009, 09:19 PM
Junior Member
 
Join Date: Jul 2009
Posts: 1
Renting my primary residence

I have a house I bought in 10/2007. I may have to move to another state to find work. I don't want to sell as I will have to take a loss and would like to keep the place and retire here. PIT is 1400.00/mo. with 28+ years left. Income around 70K. I will be renting myself at new location. I was thinking of renting the place out while I am gone and let a management company look after it. Probably could get 800/mo. after management fees.

Anyway, questions are will I still be able to deduct my taxes and interest in full as usual? It would still be my only house, just not be living in it or the state. What if I just leave it vacant and not rent it out and call it a vacation house, all the while having to rent in my new location. If not what IRS pub explains all this?

Thanx!


Last edited by dignot : 07-17-2009 at 09:35 PM.


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
  #2 (permalink)  
Old 07-21-2009, 02:03 AM
Junior Member
 
Join Date: Jul 2009
Posts: 1
Any info? I have same issue. Moved to California 3/1/09 and still have house in Michigan. I rent here... and rent house out back in MI. My company actually transferred me out here, and then laid me off on 7/6/09. I think I need to hire a tax consultant because of all the moving expenses, relocation, now I'm laid off so will have new expenses for job search.. If I turn the house into a rental property, I will be able to claim trips back to Michigan, but also pay more in taxes, etc. We should talk!



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
Ads
Reply



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
Moving for job - tax Q RE renting primary residence HomeOwner Looking To Rent Rental Real-Estate 6 10-26-2009 04:21 PM
Primary Home unable to sell due to housing crisis Jane Capital Gains 0 03-09-2009 09:24 AM
deductions for rental, now primary residence askc Rental Real-Estate 1 02-15-2009 11:59 AM
Primary Residence julioseventh Homeowner Tax 0 02-12-2009 04:58 PM
Can I charge Rent to my C corporations for the renting out my building? bpcombs C-Corporation 1 07-02-2007 02:02 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.