Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: MichealMR Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 123540  
Subject: Re: Temporary Landlord Blues Date: 3/2/2001 1:38 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
The rental income would be reported on a Schedule E (you can download this form and the instructions from the IRS webste ( Insurance and interest you paid during the rental period would be shown as deductions on Schedule E (showing these items as deduction on the Sch. E is generally more favorable than reporting them on Schedule A as an itemized deduction).

Also - don't forget that, during the period the house was a rental property, you can also show depreciation on the Sch. E to further reduce the tax effect. Just remember (the IRS will!), that this depreciation reduces your basis in the house, and when you finally sell it, your basis in the house will be reduced by this depreciation - although who knows what the tax laws will be when you do sell.

Finally, as a CPA, I have to give a standard warning that you should consult your own tax advisor, as s/he will be more familiar with your situation than I am.

Hope this helps!
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Foolanthropy 2015!
Fistula Foundation: A World of Good!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.