My House Will Be Properly Used As Rental Home But Happens To Be Empty. What Proof Do I Have To Show It's A Rental?

[fenwick]

My CPA says I want something displaying not really a second home and it really is likely to be properly utilised as a rental home. I'm unsure what evidence I need to have.

[pete]

trinitysaij stated: 2 Ya. I'd have copies of one's advertisement when you are advertising it as a outcome displaying. That may possibly be outstanding evidence. Usually a copy of the agentis agreement saying it is obtainable on the industry performs too. 47 weeks previously

[Bromleigh]

is to have a lease drawn up, this is a contract between you and the renter, outlining the rules you want the renter to live by.   You need to purchase a reciept book and every time  the renter pays their rent give them a reciept for the amount they pay.   Be sure to keep all receipts for purchases, this would be any repairs, furniture, appliances, yard work, etc.   Make sure that you keep a copy of all of the ads you place with dates and how long the ad ran.    Good Luck!  Sometimes a rental property can be a pain in the neck but, you can claim a loss and get a bigger refund or pay less each year. If you ever sell the house that is being used as a rental you will have to add all of the depreciation back and pay tax on it.    

[beacher]

Assuming you mean to be prepared for claiming the house as a rental property on the 2010 tax year. put it on Craig's list. give it to an agent who matches renters to lessorsstick someone in there and have them pay you rent - If you weren't doing any of those things in 2009 - it won't classify as a rental property.My rental home was vacant for many months before I found a tenant, but I was actively searching, thus the expense were deductible. Short answer and disclaimer - I am not a tax expert nor am I a real estate expert.

[Xenon]

?-Cat-?? said: 1 Assuming you mean to be prepared for claiming the house as a rental property on the 2010 tax year. put it on Craig's list. give it to an agent who matches renters to lessorsstick someone in there and have them pay you rent - If you weren't doing any of those things in 2009 - it won't classify as a rental property.My rental home was vacant for many months before I found a tenant, but I was actively searching, thus the expense were deductible. Short answer and disclaimer - I am not a tax expert nor am I a real estate expert. 47 months ago

[Ephrain]

Ya. I would have copies of your ad showing when you are marketing it as such. That would be great proof. Otherwise a copy of a realtor's contract stating it is on the market would work as well.

[Bardon]

The first thing you need to do is to have a lease drawn up, this is a contract between you and the renter, outlining the rules you want the renter to live by.   You need to purchase a reciept book and every time  the renter pays their rent give them a reciept for the amount they pay.   Be sure to keep all receipts for purchases, this would be any repairs, furniture, appliances, yard work, etc.   Make sure that you keep a copy of all of the ads you place with dates and how long the ad ran.    Good Luck!  Sometimes a rental property can be a pain in the neck but, you can claim a loss and get a bigger refund or pay less each year. If you ever sell the house that is being used as a rental you will have to add all of the depreciation back and pay tax on it.     Sources: my job,school,occupation,   feisty_sugar's Recommendations Every Landlord's Tax Deduction Guide Amazon List Price: $39.99 Used from: $22.99 Average Customer Rating: 4.5 out of 5(based on 31 reviews) Every Landlord's Legal Guide Amazon List Price: $44.99 Used from: $28.76 Average Customer Rating: 4.5 out of 5(based on 69 reviews) First-Time Landlord: Your Guide to Renting out a Single-Family Home(USA Today/Nolo Series) Amazon List Price: $19.99 Used from: $12.74 Average Customer Rating: 4.5 out of 5(based on 26 reviews) The Complete Idiot's Guide to Being a Smart Landlord Used from: $3.00 Average Customer Rating: 4.0 out of 5(based on 6 reviews) feisty_sugar 47 months ago Please sign in to give a compliment. Please verify your account to give a compliment. Please sign in to send a message. Please verify your account to send a message.