Condo Rental Agencies
primary residence turned rental for short period and it’s effect on federal tax?
Hi,I have a condo in NJ, which i bought in December 2007. I lived in it until august 2008. Then I took a job assignment in DC. I rented out my condo for 18month until I come back. Is it considered as my primary residence or rental property? How does it affect me when it comes to federal tax? Do I need to notify my mortgage and some other agency that I am renting out my primary home?thanks
thanks james.
I still have my nj license. I stay down here with a family member. No utilities is under my name.
On schedule E, period from August 2008 (after you moved) to December 31, 2008 is rental period. You will report,
1. Rent received (even advanced rent) for this period
2. you can deduct proportionate property taxes and other expenses.
3. You must deduct depreciation for this period.
Read http://taxipay.blogspot.com/2008/04/list-of-articles.html
Columns Ayala Avenue Condo Rental 2BR 2BA Makati Manila Philippines
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