Looks like I'm getting a refund!

iVillage Member
Registered: 04-10-2003
Looks like I'm getting a refund!
3
Fri, 02-27-2009 - 7:21am

I'm so excited!!! I didn't think I would be getting any refund this year because of rental income (obviously I didn't pay taxes on it, so I thought I was going to get nailed).


Bex -

iVillage Member
Registered: 11-17-2007
Fri, 02-27-2009 - 7:34am

Yes there are a ton of things you can take off of rental. Makes up for worrying each month if you will get the rent. We had a big lost on the other house because we rented it for one month out of the year when we had it up for sale. In the USA that is all you have to do is rent it out for 30 days during a year. You get insurance, taxes, interest, cleaning it up to be rented , for rent adds, gas and lights if you pay for them. time it takes to collect the rent. and of course repairs and fix up. There are a few more I can't think of now. I wish you luck.


Mary Ann


iVillage Member
Registered: 04-10-2003
Fri, 02-27-2009 - 8:22am
Its really a win win situation for me as I am renting rooms in my house to my sister and another roommate! I am so excited!

Bex -


"Yesterday is history, tomorrow is a mystery, today is a gift -thats why its called the present."


Bex -

iVillage Member
Registered: 08-04-2008
Fri, 02-27-2009 - 10:09am

Now remember these things you can also write off here in the states from a rental:


- Mileage to and from the rental for repairs, visits to show the place, etc.


- Any cleaners and supplies used to fund maintainance as well as your repairs


- Cost of bank fees, paperwork or supplies and even stamps used for managing your rentals.


- Part of your cell phone fees for management of the rental.


Those always helped eek out a bit more for me.