"If you rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property. "
I have rented out my home, though only when I have lived elsewhere.
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It works the same way, except there are some benefits if you rent to a relative.
From http://www.irs.gov/publications/p527/index.html
"If you rent part of your property, you must divide certain expenses between the part of the property used for rental purposes and the part of the property used for personal purposes, as though you actually had two separate pieces of property. "
I have rented out my home, though only when I have lived elsewhere.
My question was:
Do you or do you not know all the renters in your area and if they are renting legally or illegally?
I have rented before but do not know if the apts. were legal or illegal.
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