i own a rental condo; any good ideas about how to maximize deductions?

[Anonymous]

The IRS doesn't accept ignorance as an excuse. I can't believe you never declared that rental property.

You're going to be one of those people we see on the commercials trying to get your taxes settled. You big TAX CHEAT !

[Anonymous]

Anonymous wrote:The IRS doesn't accept ignorance as an excuse. I can't believe you never declared that rental property.

You're going to be one of those people we see on the commercials trying to get your taxes settled. You big TAX CHEAT !

This is a dangerous game for the PP who isn't claiming this income.

At tax time the bank generates mortgage documents showing interest paid on the home - the owner AND THE IRS get these statements. It just a matter of time before the IRS realizes this person isn't claiming the home. really stupid move!! Even bigger problem is that if he/she decides to all of the sudden start claiming the home the IRS will wonder where the house suddenly came from because its not being claimed as a home purchase for that year.

oh boy.....

[Anonymous]

Unless there was a lot of positive income after subtracting depreciation and expenses I doubt there would be much owed

[Anonymous]

Anonymous wrote:Unless there was a lot of positive income after subtracting depreciation and expenses I doubt there would be much owed

in fact the irs may actually owe you money

[Anonymous]

Anonymous wrote:

Anonymous wrote:The IRS doesn't accept ignorance as an excuse. I can't believe you never declared that rental property.

You're going to be one of those people we see on the commercials trying to get your taxes settled. You big TAX CHEAT !

This is a dangerous game for the PP who isn't claiming this income.

At tax time the bank generates mortgage documents showing interest paid on the home - the owner AND THE IRS get these statements. It just a matter of time before the IRS realizes this person isn't claiming the home. really stupid move!! Even bigger problem is that if he/she decides to all of the sudden start claiming the home the IRS will wonder where the house suddenly came from because its not being claimed as a home purchase for that year.

oh boy.....

One easy way to tell it's being rent is both the property tax bill (which will have your new address on it, not the address of the unit) and your tax return which will also have your new address. Your tenant will probably also be filing a tax return with the rental unit as the address. With electronic filing it's very easy for the database to identify that the unit is likely a rental.