So if you have an apartment or rental home and are intending to sell, look ahead and plan a way that will minimize the tax bite. If you’re buying a home with an apartment, added garage, or major remodeling job, you’ll want to verify that building permits show the house is zoning compliant.
Archive for August, 2011
The Tax Advantages of Owning Rental Property Part (3)
August 25th, 2011
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Uncle Sam allows homeowners to deduct the following costs of turning part of a home into a rental space: You can prorate your utilities by the square footage, as above for office space. You can prorate the cost of your homeowners insurance along with related riders and policies, such as additional liability coverage.
The Tax Advantages of Owning Rental Property Part (2)
August 21st, 2011
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Getting a special-use permit entails going to the zoning department and filling out the paperwork. You may need to comply with restrictions on how utilities are set up as well as inspections for building code compliance.
The Tax Advantages of Owning Rental Property
August 17th, 2011
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The practice of renting out your extra space in the attic or basement is spreading to more affluent urban areas as well as prevalent in suburban neighborhoods. Empty-nesters, one-income families, widows, and widowers are taking in tenants to help pay the mortgage bills or generate extra cash. For example, when Sharee divorced, she ended up [...]
The Tax Advantages of Working at Home Part (3)
August 13th, 2011
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In summary, Uncle Sam allows you the following additional tax deductions for having a home office: You can prorate your utilities by the square footage. That means your office square-footage versus the home’s total squarefootage.
