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Investors & landlords
Well, there are several things that will matter for this specific rental so that you make the correct selections in the program. For example, is the building being rented out have any utilities in it? (electric, water, cable, etc.) If so, are those utilities billed separately from your main residence on that same property?
What about the property taxes? Is that building or floor space included on your property tax bill, and is it a part of the designated "heated/cooled" space you are taxed on by your county? (What state by the way?)
Depending, you "might" be reporting that you rent out a part of your primary residence, and that will affect your depreciation amount, deductible rental expenses, and the such. Or do you already know how to deal with that maybe?
What about the property taxes? Is that building or floor space included on your property tax bill, and is it a part of the designated "heated/cooled" space you are taxed on by your county? (What state by the way?)
Depending, you "might" be reporting that you rent out a part of your primary residence, and that will affect your depreciation amount, deductible rental expenses, and the such. Or do you already know how to deal with that maybe?
‎June 3, 2019
10:30 AM