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Reply to "i own a rental condo; any good ideas about how to maximize deductions?"
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[quote=Anonymous][quote=Anonymous]Do you have to claim the income? I haven't been claiming mine.[/quote] People like you are disgusting. You are stealing from the government and from all the people who try to play by the rules. I hope you go to jail for tax fraud. As for deductions- be very familiar with Section 469- there are strict limitations as to when you can take these types of deductions against your ordinary income. The general rule is that rental activities are passive, and rental expenses can only be deducted against rental income, NOT ordinary income. [/quote]
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