Release List Reviews Shop Join News DVD Giveaways Video Games Advertise
DVD Reviews | Theatrical Reviews | Adult DVD Reviews | Video Game Reviews | Price Search Buy Stuff Here
DVD Talk
DVD Reviews DVD Talk Headlines HD Reviews


Add to My Yahoo! - RSS 2.0 - RSS 2.0 - DVD Talk Podcast RSS -


Go Back   DVD Talk Forum > General Discussions > Other Talk

Other Talk "Otterville" plus Religion/Politics

Reply
 
Thread Tools
Old 04-09-08, 12:30 PM   #1
Th0r S1mpson
DVD Talk Hero
 
Th0r S1mpson's Avatar
 
Join Date: Apr 1999
Location: Seattle, WA
Posts: 36,122
YARWHLOOS: Renting out a house and taxes? Multiple homes and taxes?

When me move to Cali in a couple months, we are going to hold on to our Colorado home and rent it out. We will be renting in CA, not purchasing another home.

1) I know you can deduct interest on up to two homes... I assume that also means that we can still deduct our Colorado mortgage interest even if we are renting in CA?

2) If someone has three or more homes with a mortgage, do you get to choose which ones you deduct the interest on? Is it primary plus one? Do rentals affect this?

Thanks!
__________________

http://savejace.info/
  Reply With Quote
Old 04-09-08, 12:43 PM   #2
VinVega
Administrator
 
VinVega's Avatar
 
Join Date: Nov 2000
Location: Formerly sane and well adjusted
Posts: 25,455
Re: YARWHLOOS

For a second I thought this was a thread about the battle Napoleon lost.
__________________
It is one of the blessings of old friends that you can afford to be stupid with them. - Ralph Waldo Emerson
  Reply With Quote
Old 04-09-08, 01:17 PM   #3
Jeraden
DVD Talk Special Edition
 
Join Date: Oct 1999
Location: Pittsburgh, PA
Posts: 1,938
You can't itemize the mortgage on your Colorado home anymore since its not being used for personal use at all. You'd report the income as rental income and you can offset that income with the mortgage interest.
There are considerations as far as partial personal use - but in your case its now solely being used for rent and you aren't occupying it anymore. I'm not sure if you'd divide it up over the whole year (itemize 6 months of the interest for personal use up until you move, and use the other 6 months of mortgage interest to offset the 6 months of rent), or if thats handled within the rental income schedule.

I go through this scenario now because I rent a condo I purchased to my dad. He pays me rent, so I have to report that as income and offset it with the mortgage interest.
  Reply With Quote
Old 04-09-08, 03:18 PM   #4
The Bus
DVD Talk Godfather
 
The Bus's Avatar
 
Join Date: Aug 2001
Location: New York
Posts: 52,442
Quote:
Originally Posted by Jeraden
You can't itemize the mortgage on your Colorado home anymore since its not being used for personal use at all. You'd report the income as rental income and you can offset that income with the mortgage interest.
And a whole lot of other stuff. Rentals, on paper, should be deep, deep income losers.

Speak with your tax professional.
__________________
Movies: 2002 / 03 / 04 / 05 / 06 / 07 / 08 / 09 / 10 / 11 / 12 / 13 / 2014

PSN: Chiwotweiler
  Reply With Quote
Old 04-09-08, 10:30 PM   #5
Th0r S1mpson
DVD Talk Hero
 
Th0r S1mpson's Avatar
 
Join Date: Apr 1999
Location: Seattle, WA
Posts: 36,122
That sucks.
__________________

http://savejace.info/
  Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


All times are GMT -5. The time now is 11:45 AM.

Rules - DVD Talk - Archive - Privacy Statement - Top

Powered by vBulletin® Version 3.7.2
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.2.0
Copyright 2011 DVDTalk.com All Rights Reserved. Privacy Policy and Terms of Use.