Could my monthly rent reduce my tax?
108183
Rent is an expense. If you are a business then it might lower taxes when you rent a commercial building. As an individual without a business it is just an expense.
268094
If you are entitled to abatements or deferments of real estate taxes, it might cause you to lose them. Check with your town' assessor's office.
1024625
You may, but you will have to rent the house back to live in it.\n\nWhat you essentially need is to remorgage your house. Perhaps to free up your cash.
231766
Yes, deductible for tax purposes from the rental income
839409
Dazed and Con has some very valid points. I would like to elaborate on them. Personally, I don't believe in the "rent to own" - it is a load of crap that doesn't give you any tax benefits. If you are able, take out a 5-year interest-only fixed loan. By that time, you will be out of school and can refinance the property. You should have built up enough equity by that time to not have to worry about a negative amortization. You can pay down the principal during this 5 year time if you wish. When you re-fi after you are out of school and working, you can roll some of the student loans intot he re-fi if you fix the house up enough to get a good high appraisal. This way, all of the interest including your student loan money would be tax deductible. This brings me to the last issue. Are you prepared to pay back student loans plus Uncle Sam after you graduate? If not, then having a house that is yours, not some "rent-to-own" nonsense, will give you the type of write-offs you will need to cut down or eliminate those tax checks. If the landlord is not willing to sell the house to you under a true normal sale scenario, then he/she is not serious. You never said whether or not you have a down payment. If not, then the rent-to-own may possibly work if you have an iron-clad conract with regard to your down payment coming from your rental payments of 4 years, an end date to the time when the property will be put into your name, etc. Take any rent&#92;-to-own contract you end up with to the local court house and record it against the property to stop anyone from selling it out from underneath you. Sorry to be so cynical, but I have seen many a rotten landlord on these. Buy it outright if you can.
270172
Yes! but i may be wrong go to a local tax office and ask i would sudjest H&R Block.
569480
You have to follow the terms agreed to in your rental agreement.  Sorry there is not a better answer.
797301
if you have lived in the house for 2 of the last 5 years the tax on anything less than $250,000 profit is ZERO. ( $500,000 for a couple)\nif your gain is more than that or you do not qualify, then they charge about 5% on the gain (profit) for poor people and 10% or 15% for others.\nif you have not lived in the house two years, but maybe 6 mo or 1 year, you may qualify for the maximum exclusion rule if there is a good reason for selling and moving. ask tax man to explain it to you.\n maybe they will give you a percentage of the $250,000  exemption pro-rated, say $125,000 for 1 year etc.\n\n if the house is a rental, you can do a 1031 and use the money from it to buy another house. ( then have zero tax to pay now) then after the sale. you can get a loan on the new house to pull out your equity.( not the other way around) check with tax guy for advice. the tax is seferred until you sell without rebuying. or it is waived if you die and pass the house on. that is the best way.
173431
no. they come off the value of your house when you go to sell it. meaning less profit for the you to show the irs.
194935
If you are renting a unit to store your business supplies or whatever it would be a tax write off.
1052790
Generally yes.  California property tax (since Prop. 13) is fixed based on the last sale price (plus 2% inflation increase per year) unless the property has been "improved," then it is reassessed. Law allows presently only ONE exemption in CA for property taxes, of which one is the Veteran's exemption. This merely reduces the "Assessed Value" on your tax by $7,000.00, applied over the entire tax year. Other exemptions (like disability) reduce it by the same amount, and only one can be claimed per property. Certain persons (former POW's and recipients of the MOH) pay no property taxes in CA--they paid enough for our country.  Check with any California tax attorney for the latest info.  Hope this helps.
62781
My guess would be that the government thinks that since you are on part D you are saving money, so you have more money to pay towards rent.
851696
I know I am not answering your question, but I do not know a place to send you for the information you are looking for.  I am a Landlord of 23 properties in Florida and I can answer specific questions you may have, to a limit.  Insurance you need to have homeowners Insurance and tell your agent that the house will be a rental, that way you are not paying for all items in the house, unless of course you are renting a furnished unit.  I have no special account, all the monies go into my personal account and all repairs come out of my personal account.  You will pay tax on the profit you make, I am not an accountant so I don't know what your tax implications would be, an accountant can answer that for you.  If you have any other questions please feel free to add details post another question or you can email me through Yahoo Answers.  Good Luck KG
117310
NO! Keep in mind though that for every $1000 you put down, it only lowers your monthly payment by $7.00!!! I found that by negotiating not only the price, but the monthly payment you are comfortable in making, is easier than you think, and if all you have is $5000, than work with that.  In todays market, it's all about making the sale, and they will figure a way to please you to make that sale.  Plus, there are programs out there to help you with the down payment AND the closing costs, and if you live in the home for a minimum of five years, you might not even have to pay that back. Ask your Real Estate Agent or bank for the information. Good luck!
708982
No, just as we landlords can't raise your rent in the middle of the lease if you got a promotion or bonus check. Just talk to the landlord and see what the two of you can work out.\n\nRegards
1009485
In order to qualify for the 500k exemption, yiou must have lived in the home for 2 of LAST 5 years.  Since you rented it for last 12, you would be taxed on gain.  HOWEVER, if yoiu bought another property and rented it out,  (using a Sec 1031 like kind exchange), you could then stop renting it and move in, making it your primary residence.  No tax!!!
1014955
Report the income now, if subsidized so that you won't have any issues of paying back rent later. It can add up quickly.