Tax Question. - Landlord Forum thread

Tax Question. by Roger (Maryland) on February 22, 2012 @16:19

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Hi Folks,
We recently moved back in to our rental property while we were buying a short sale property (it had perviously been rented out fro three years), what would be the best way to do our taxes, say we moved back in to the rental for 4mths or say it was empty for 4mths between tenants and say we were staying with friends, I'm not sure how this is going to effect our taxes with the depreciation on the rental property, etc.

Thanks in advance for your help.

Roger.

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Re: Tax Question. by Anonymous on February 22, 2012 @17:20	[ Reply ]

You might want to ask a local accountant for the best course of action.

Re: Tax Question. by Jon on February 23, 2012 @13:16	[ Reply ]

IIRC, you have to claim it as a rental for the tax year, but only claim income from tenants other than yourself. It's explained on the tax form Schedule E. See http://www.irs.gov/pub/irs-pdf/i1040se.pdf