Talk of The Villages Florida - Rentals, Entertainment & More
Talk of The Villages Florida - Rentals, Entertainment & More
#31
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Renting part of a home
You had best check out the IRS rules on mixed use property......renting it out part of the year.......and occupying it personally for part of the year....and, in this case, doing both simultaneously. Needless to say, the rent income you receive will be taxable....but, there are specific limitations and rules on what you may do....and NOT do with respect to deducting expenses
W.P. Bolash, CPA |
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#32
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Real Name: Steven Massy Arrived at TV through Greenwood, IN; Moss Beach, CA; La Grange, KY; Crystal River, FL; The Villages, FL |
#33
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One way you could possibly do it is rent out a suite, bedroom and bath, in your house. No mention of whether you’ll be there or not. Rent would be the same year round. You could rent out the owner’s suite, or the two bedrooms with a bath that could be closed off for privacy in many floor plans. Use your furniture, except in their room/s. Then you could come down for a week here and there as well as your three weeks a year. Insure it as you would renting out a room.
I’d start this arrangement when you are living there. This would make your frequent absence as pleasant surprise, and the renter would be less likely to assume the whole house is theirs. |
#34
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#35
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I would not consider being either the owner or the tenant in this situation.
If I was the tenant I would absolutely not permit you & your to live with me. Even for free or even if you paid me to let you live w me |
#36
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Closed Thread |
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