Discussion:Multi use residential property
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Discussion Forum Index --> Basic Tax Questions --> Multi use residential property
Discussion Forum Index --> Tax Questions --> Multi use residential property
Actionbsns (talk|edits) said: | 3 November 2009 |
| I think I've seen discussions regarding the multi use of a residential property, but my search words aren't giving me much. I have a new client whose return I prepared timely but without mortgage info, based on the knowlege that when he received the data regarding the real estate, the return would be amended. Now comes this week, and he brought into me the 1098, info on prop taxes, etc. He's using a PO Box as many of us do in this town and hadn't mentioned that he lived in the property which I uncovered at the property tax website and he has confirmed in a conversation. He's supposed to be getting me statistics on square footage rented/square footage he resides in.
My questions relate to how I split these. He's 50% owner with another individual, so I'm confused a little on how I'm going to split this. His per centage of sq. ftg to the Sched A, then split the balance 50/50 on Sched E? I don't think they'll get depreciation loss because the client lives in the house. Any thoughts or re-directs to other discussions would be really helpful, especially since I leave for two weeks on Friday night and would like this off my desk by Thursday. | |
| 3 November 2009 | |
| find out if he pays the other owner rent on the portion that he lives in
maybe he lives in half, and the half that is rented belongs to the other investor alltogether | |
