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I'm not CPA, but my answer is abso-funky-lutely. You have your primary residence in rental apartment and you can take whatever deductions a state offers to you. Your property is now an "investment property" and you need to fill schedule E and whatever incomes/expenses it generates goes there (including the interest you'd pay to the bank, property taxes, and all insurances, and repairs, and property manager's fees; all expenses go against all of your incomes on that property - and don't forget to put amortization on the building (but not on the land)). Your new state doesn't bother which schedule your income comes from.
As usual, when not sure, hire a professional to do your taxes.
They are not asking about the rental property they own and rent out. Of course that can be a tax deduction. They are asking about the apartment they are currently renting and living in themselves. So the answer is no, they can't deduct the full rent for what they paying for themselves to live in as a business deduction.
They are not asking about the rental property they own and rent out. Of course that can be a tax deduction. They are asking about the apartment they are currently renting and living in themselves. So the answer is no, they can't deduct the full rent for what they paying for themselves to live in as a business deduction.
I agree. If OP wants to spend money to consult with a CPA to see if there is a deduction there somewhere, by all means. I haven't heard of any such deduction though.
I'm not CPA, but my answer is abso-funky-lutely. You have your primary residence in rental apartment and you can take whatever deductions a state offers to you. Your property is now an "investment property" and you need to fill schedule E and whatever incomes/expenses it generates goes there (including the interest you'd pay to the bank, property taxes, and all insurances, and repairs, and property manager's fees; all expenses go against all of your incomes on that property - and don't forget to put amortization on the building (but not on the land)). Your new state doesn't bother which schedule your income comes from.
As usual, when not sure, hire a professional to do your taxes.
It is like you didn't read the question that was actually asked. While you aren't wrong about what you said it doesn't actually address the question asked, can he deduct rent he is paying to another person while he is renting. The answer is kinda through home office deductions and you really need to hire someone to figure it out, which is another deduction for the next year as a business expense.
It is like you didn't read the question that was actually asked. While you aren't wrong about what you said it doesn't actually address the question asked, can he deduct rent he is paying to another person while he is renting. The answer is kinda through home office deductions and you really need to hire someone to figure it out, which is another deduction for the next year as a business expense.
Well, the reason I ask is because in this article it says that you can deduct "Rents you paid to others" when you rent out your property
No you can't do that. That's why living in the home you own is a tax shelter.
I linked the article (message above) I've read this info from, and this is what it says. So, if I understand it correctly, when I file taxes and do deductions on my house I rent out, I can deduct the rent I pay to other people?
If you go down on the page to "What can I deduct?" it gives you a list and says that.
Not rent you paid to others for a place you are living in. Rents for a trenching machine, rents for a paint sprayer, rents for a sewer snake, rents for a corn field, rents for a portable building but it all has to apply to the house that you are renting to your tenant. It can't be anything that you are using for yourself for your day to day living.
Some areas, the water heater is rented from the utility company. You don't own it, you pay rent on it. That's for the water heater your tenant is using, not your family.
If you are a master tenant, renting an entire skyscraper and then subletting all the little offices to different tenants, you can deduct the rent you pay to the owner of the building as a business expense.
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