Can You Really Do This???
I was talking to a few people at work who bought homes or condos.
Some of the things they are doing seem a bit shady, but they insist that no one 'checks'
1) If you rent out a room or rooms in a house or apt., can you deduct the gross rent from you taxes (along with the mortgage interest & property taxes)???
2) This one is definately wrong but people do this all the time--- deducting the yearly PMI premium from your taxes. I guess people just add it into the mortgage interest & property taxes.
Quote:
On 2004-01-19 23:20, NickL wrote:
1) If you rent out a room or rooms in a house or apt., can you deduct the gross rent from you taxes (along with the mortgage interest & property taxes)???
What do you mean can you deduct gross rent? You have to PAY for income NOT deduct it.
do you mean they are not claiming the income and still deducting the full amount from personal taxes????
This one really smells like trouble if caught...