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 GnosticWarrior
Hermit
Registered: 03/11/07
Posts: 166
Loc: Oahu, Hawaii
Last seen: 10 days, 1 hour
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 Re: Buy or Rent [Re: Veritas]
#8133339 - 03/11/08 07:03 PM (5 months, 23 days ago) |
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Quote:
Veritas said:
Not unless you set up a corporation to hold the property. (And this is definitely risky, as it could trigger an audit by the IRS.)
I'm trying to read up on the IRS laws. Maybe family members could all take the tax benefit by renting to each other. I think its legal but as a landlord you have to charge the market rate for rent, I read this statement somewhere regarding family members, but it might also apply to anyone. It could be the IRS doesn't want you renting for the sake of being able to deduct the losses from your other income. That would be the only reason I would want to be a landlord. But if that only applies to family members, then I guess you could find a friend to cooperate with.
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