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    srini_in_la's Avatar
    srini_in_la Posts: 1, Reputation: 1
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    #1

    Aug 11, 2009, 03:53 PM
    Renting out the home
    If I rent my home, can I still get the tax benefits (mortgage interest and property tax). I don't have any incorporation.I'm an individual
    robertva's Avatar
    robertva Posts: 249, Reputation: 30
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    #2

    Aug 11, 2009, 04:59 PM

    Costs operating rental real property can be used as deductions on an individual's US federal income taxes. Those can include depreciation on the building (including plumbing and HVAC equipment), landlord provided furnishings and maintenance costs (including mileage). Those deduction typically offset the income realized when the tenants pay rent.

    Isolation of the property as an asset of a corporation makes those deductions apply to the corporation's taxes. The shareholders tax returns might only be permitted to postpone taxes on the corporation's revenue (the rent payments) until they realize the income through dividends or a stock sale.
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