Basic Income Tax - Part 5
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What if your personal use exceeds 10% of rental? Is that still taxable?
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Ok, so let's say I own an apartment that I let other people rent for Less than 15 days. I can still put my mortgage that I pay on Schedule A??
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i love you. this is so helpful. thanks!
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god, I always come to this class unprepared. Every video I'm missing my homework, textbook, and all the handouts.
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Confusing (contradiction?) 3. Rental dual use. Your slide says NO LOSS ALLOWED (exp cant exceed inc). But you then say and wrote under Taxes (and Interest) that you can "(CREATE A LOSS)". You even stated an example that if income was $5k and taxes+Int was $6k = $1k loss, "you can take the loss". Which is it? You either can or cannot take a loss under the dual purpose rule. I'm confused.
mm96817 1 year ago
@mm96817 Thanks for your question. I've asked the instructor about this. It's summer, so she may be on vacation. I'll let you know when I have a response.
JCCCvideo 1 year ago