Landlord Taxes

Discussion in 'Landlord & Rental Property Questions' started by bsthebenster, Jun 22, 2014.

  1. bsthebenster

    bsthebenster Member

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    Me and my girlfriend inherited a house and we are looking to rent it out as it resides in a different city than our own. I hear if you've lived in it for six months or more and than decide to rent it out than you don't have to pay taxes on what you make from the tenant. Does anybody know if this is true?

    Thanks in advance,
    Ben.
     
  2. Kate

    Kate Senior Investor

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    I haven't heard of this... and I think our property manager would have mentioned it. (Unless he knew we wouldn't be living there... that's a possibility.) Laws may vary state to state or country to county (you didn't say where your property is)... but I'm thinking that while there are rather substantial tax breaks when selling, not sure for renting. (There *is* a law somewhere about renting a space of your home out for 15 days or .... well yeah, I think 15 days, and not having to pay tax on the rent for those two weeks, though.)

    Not paying income tax on income is something I can't think would happen... but I'll be watching this thread with interest and hoping you'll get an answer!

    Keep an eye out for @JR Ewing ... he'll know, I'll bet. :D
     
  3. JR Ewing

    JR Ewing Super Moderator Staff Member

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    The IRS will beg to differ on rental income. :D
     
  4. dianethare

    dianethare Senior Investor

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    I haven't heard of tax laws required upon Landlords...i should inquire about it still and come back with tangible feedback in that regard, the only thing i might say, is that such tax laws might vary in regard to city, state, country...let me note this down and gather info., i 'll be back.
     

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