The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Temporary Landlord Blues||Date: 3/2/2001 11:53 AM|
|Author: tryin2BFoolish||Number: 47540 of 121150|
Ok, here's the situation.
My husband and I were married in early September, but began looking for a house a few months before. We stumbled upon The Perfect One quickly and closed the very end of June. I purchased the house on my own because of favorable loan treatment based on the lower income. However, the sellers were building their Dream House which wasn't scheduled to be finished until the first of September. It seemed like the perfect deal: not only did my husband and I not have to figure out how one of us could pay almost twice our current rent for two months (we did not want to live together pre-vows), but we would actually be making money for those months.
But now I have to figure out how to handle the taxes! Do I just declare the two months income, minus the insurance I paid, then deduct the total interest on the loan? Am I missing something? I would appreciate any help or advice.
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