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Reply to "Loss of Homestead Deduction - Rental Property"
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[quote=Anonymous][quote=Anonymous]We innocently neglected to inform the DC Tax and Revenue Service that we had moved and were renting our house. Got hit with 5 years of back taxes and penalties. The penalties were far worse than the extra taxes -- the bill for 2009 was just over $1,400, mostly penalties. Our house is assessed for about half what it's "worth" on Zillow, so I doubt they bumped the assessment. That would have made the bill a lot worse. My advice: Don't forget to tell them you're moving out. The only thing worse than paying taxes to the DC government is paying penalties.[/quote] +1 Even worse, we were NOT claiming homestead on our much pricier new house, during the same period we had it claimed on our condo, and OTR would not let us retroactively claim it on the house, so we got screwed twice. [/quote]
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