1099.isin1099 .isHow much may I charge for renting my home or a part of my home?If you plan to rent out your home, it is important that you charge a “fair rental price.”Oct 21, 2015Oct 21, 2015
1099.isin1099 .isI rented out my home this past tax year at a loss.The answer is yes in certain cases, but even then there are limitations to the amount of deductible expenses that can be carried over.Oct 21, 2015Oct 21, 2015
1099.isin1099 .isI am renting out my entire apartment or house.Out-of-pocket expenses associated with maintaining your rental property may be deducted from your income for the time it is rented.Oct 21, 2015Oct 21, 2015
1099.isin1099 .isWhere do I deduct expenses allocated to the rental use of my home?The expenses allocated to the rental use should be deducted on Schedule E (Form 1040) of your tax return.Oct 21, 2015Oct 21, 2015
1099.isin1099 .isHow do I divide the deduction for expenses that were utilized for both personal and rental uses?If you spend money on a deductible expense that you utilize for both the personal use of your home and the rental use of your home, you may…Oct 21, 2015Oct 21, 2015
1099.isin1099 .isI am renting a part of my apartment or house while continuing to live in it.Any expenses used solely for the room or area that you rent out can be wholly deducted (or reported as depreciation, where applicable) from…Oct 21, 2015Oct 21, 2015
1099.isin1099 .isI am renting out a part of the home in which I live.Yes. The income received from renting out a portion of your home is income and must be reported.Oct 21, 2015Oct 21, 2015
1099.isin1099 .isWhat expenses may be included in the calculation of car expenses that may be deducted?The following are acceptable car expenses that are eligible to be deducted:Oct 21, 2015Oct 21, 2015
1099.isin1099 .isI am using my car to generate income through a ride-share company.In general, you may apportion the percentage of the car’s usage that was dedicated to your business as a business expense.Oct 20, 2015Oct 20, 2015
1099.isin1099 .isI have a resource that I utilize for both personal use and resource sharing.These guidelines will focus on the two most commonly shared resources: automobiles and homes.Oct 19, 2015Oct 19, 2015
