How do I classify my property for tax purposes if I received rental income for exactly 15 days this whole year? Primary?

like
Posting as :
works at
You are currently posting as works at

Classify for what purpose?

Edited- for tax purposes

You may be ok. Look up the Augusta rule.

Standard deduction is different than rental expenses. Do you actually know any tax law or are you just guessing?

funny

Since I didn’t actually answer your question. You’ll need to pick up the rental income (you can offset with direct expenses and pro-rata of indirect expenses).

You should consult with your pro if you need to report on schedule E vs C (generally around short term rental or long term rental and services provided).

Related Posts

Are there any trusted resources for information on cryptocurrency investing?

(I've written enough long-form marketing disguised as a news to know when it's happening to me.)

like

Personal finance/investing advice for recent college graduates? Best personal finance and investing books/websites/subscriptions/YouTube channels? Thanks!

like

Hi guys! Looking to learn about real estate investing! I am a senior in college graduating with a degree in finance so I understand certain aspects, but am looking to learn more on my own about real estate specifically!

What books would you recommend I read?

like

Happy Holidays fishes!! I would love to hear some thoughts here..We bought our first home last year for 316K ( starter home) in MCOL city. The value is now over 400K and I have an equity of over 150K. We are thinking of moving to a different state.Should we rent this place ($2400/month) and with recent refinance my mortgage will be $1600/month(inclu pay all) or sell it to pull out equity for the new home in a different state? FYI: we have over 100K in cash to down payment.

like

Are remittances / gift sent from US to India (from post tax money) considered for any tax breaks or deductibles in the US?

likefunny

Does anyone know if Visa’s 401k plan allows for a mega backdoor roth?

like

Hey, I am looking for an Angel investor to invest in our idea. Can someone help me to connect with the person.

like

Are crypto IRA’s worth it or is it better to just open an account at Coinbase and invest that way?

like

160k TC, 125k salary in Seattle. How much should I spend on food/rent - can you give a conservative range?

I would like to maximize savings but not live with roommates/in a <400 sqft apartment

like

I have a place in NYC and FL and planning to stay in my place in FL for a good 8-9 months. Is it fair to keep my job information the same and just declare to the IRS where I spend my tax year? Or do I have to actually relocate back and forth?! Using TurboTax, it looks like it just asks you where you lived & work and how many months.

like

This reminds me of all the Chads and Brads Crypto Bros. 😂🙄

Post Photo
likefunny

Planning to buy home. What are the legal services i can enlist from hyatt legal. Do they cover title check, contract review. Trying to see how much legal expenses i can save by using hyatt legal.

like

Thoughts on buying into Wells Fargo now, at their 52 week low basically.. Bank too big to fail of course and their imposed caps on grown expire in a year or 2 I believe with regards to how much $$$ they can lend out or take in...

like

Brand new to investing! Husband and I are 37, don’t have any investments other than the home we currently own. Sitting on atleast 100g worth of cash....

like

Is it possible to buy a house and sell it for a higher price?

like

Hey All,
I am going to get married in September.
My office is in Yemlur and my fiance's office is at EPIP zone. Which is the best place to live and which platform to look after the house
Budget - 25k
Kindly help out

like

Renting a car vs buying, which is better in India?

like

Need to urgently find a 500k job. Can't keep up with mortgages with anything less. Any advice?

likefunny

Can anyone recommend a good fixed income investment that I can add to my ROTH IRA account?

like

Are any of you shocked to see how much more our friends across the pond are earning?

like

More Posts

Can anyone tell me what is the notice period in optuminsight chennai

like

Hi everyone, I’m an architectural designer (from Europe) with 1.5 yrs experience. I’m working for a practice in San Francisco, full-time from the office, getting 25 an hour. It is so expensive to live here, I am struggling to make things work. Is this a normal salary for someone of my experience or should I ask for a raise? I don’t want to be greedy but it’s so expensive out here… Thank you 🌈

likehelpful
like

Is there any band at each level? If yes what is the starting band for Manager level and min salary package?

Does PWC India consider counter offer or drop the candidature if they cannot match the CTC?

like

Hi Fishes, Has anyone attended MAKE MY TRIP interview on the QA Automation side recently ? what kind of questions are being asked, any idea would be a great help

like

anyone ever work for salesforce directly? how has the experience been? why work for consultancies rather than the company itself?

like

Interested in a San Francisco/Bay Area networking/support group for consultants that have been laid off?
See comments for more details

likeupliftinghelpful

Has anyone here been to jail? Is it really as bad as they say?

like

How is it different being staffed in Practices Vs Delivery in Capgemini - Sogeti BU.

like

Hi,
I have offer from capgemini and i have better offer from other org. I want to negotiate with capgemini and 18 April is my LWD in my current org. When I should negotiate with capgemini.

like

Hi All,

Could anyone help me in knowing that how can I apply for projects within Capgemini?

like

Can anyone recommend a good fixed income investment that I can add to my ROTH IRA account?

like

Anyone got a critical skills employment permit recently? How long did it take?

Why Capgemini calling back it's employees...can't it wait till June..

like
like

Prime video catalog specialist job salary?

like

how did you know you were ready for your case interview? (and did well)

like

Got an offer to clerk for a DJ over the phone a couple of months ago. Silence since. I start in late summer, but when should I expect HR to reach out with onboarding materials? Is an offer letter usually sent?

like

Additional Posts in The Real Estate Bowl

What are leading indicators of a housing bubble? When might prices drop in HCOL cities?

like

I have a rental property and my tenant is asking me to change the fridge light burb. I live out of state and don’t have property manager locally. Is it bad if I ask them to change the fridge light burb themselves?

I’m pretty responsive for things they need help with like laundry machine got broken or pantry doors fell off. So I had sent people to fix those maintenance and repair issues.

But light burbs? Srlsy? They are grown up people (fresh out of college girls)

likefunny

I saw this townhouse in a prime location in my city for $350k (cheap for the area). The floors are all messed up though but the buyer said they’ll either lower the house price or give a credit for closing cost. There’s also a lot of nicks here and there (some locks missing from door, dents, scratches, stains, and some things are loose). But overall, the house’s architecture and design is so beautiful. Would it be worth it to get it and fix it up? Or find a newer house with less maintenance?

like

Do you recommend getting appliances home warranty (ie American Home Shield) for rentals or do you deal with maintenance issues as they arise (I’m thinking appliances, AC, garage, etc...)? For reference, American Home Shield warranty charges ~$50/month and ~$125/service order!

like

Hi guys! Looking to learn about real estate investing! I am a senior in college graduating with a degree in finance so I understand certain aspects, but am looking to learn more on my own about real estate specifically!

What books would you recommend I read?

like
like

Happy Holidays fishes!! I would love to hear some thoughts here..We bought our first home last year for 316K ( starter home) in MCOL city. The value is now over 400K and I have an equity of over 150K. We are thinking of moving to a different state.Should we rent this place ($2400/month) and with recent refinance my mortgage will be $1600/month(inclu pay all) or sell it to pull out equity for the new home in a different state? FYI: we have over 100K in cash to down payment.

like

Thinking about investing in a 3-4 unit building in Chicago (Jefferson Park, Avondale, Bridgeport, etc.). Is the upcoming winter a good time to do so?

like

Anyone know the average annual rent increase for 1200 sqft 2 bedrooms? I’m renting and want to know what to expect in a few weeks

like

What price per sq foot to investors start buying in the north ATX home? My home is on the market and not moving. Trying to understand at what price point does it become attractive to investors

Planning to call the bank today, but wanted to ask this here to see if anyone has experience with something similar.

I found a 6 unit property ( 5 apt + 1 coach house) that I’d like to buy and convert to a 4 apt unit. Is there any way to qualify for an FHA 203k loan since it will be a 4 apt unit after renovations?

Thanks!

like

Any investors in the woodlands Texas for single family homes, rent looks good as per Zillow , good school district and houses are still affordable compared to Dallas and Austin

like

Do you thank your tenants for paying the rent? A quick thank you text?

like

We are renovating a condo and the previous owner had two Crane toilets (not sure how old, but functioning although seals are old according to our contractor). Back outlet flour mount ones are the only options for the building, and one toilet can cost $300-$500.

We are redoing all the bathroom tiles and walls and debating what we should do with the two toilets. Would resealing the toilets extend the use life? Or should we just replace the toilets? Any other recommendations? TIA!!

like

Does buyer have to share appraisal with seller? Can seller request it?

like

Whats the best website to compare neighbourhoods within your state? Combed thru Niche but looking for additional reviews of people who lived there

like

What are some of the things that were a MUST when buying your first home and what were some things that you were more flexible with and why? I’m having a discussion with my partner about what we absolutely need and what can be worked on later.

like

I thought the answer is yes but now double checking. Can we write off the interest we pay on our primary residence mortgage?

like

Are commercial properties getting inflated like residential? Thinking of getting into commercial to extra income.

Is it better to have SFH for monthly cash flow or passive MF deals through a private syndicate? Friend told me that you need to have $1.5m invested in MF to generate 60k a year approx but it’s much better than dealing with tenants and maintenance. Just wanted to get peoples thoughts on becoming financially free through these two real estate methods

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal