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04-20-2009, 01:52 PM
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If I rent out two rooms in my home, could I still get...
...the tax break for mortgage interest payments? If I sell the house at a profit, do I have to pay capital gains tax (on the sale of commercial real estate) because I took in renters?I bought the house this year; if I take in renters, could I still get Obama's 7000 dollar tax break for new home purchases?
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04-20-2009, 04:42 PM
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The short answer per IRS Publication 17 is yes. However, once you start renting a part of your home your tax situation becomes more complex and you should consult a tax professional to ensure you maximize the deductions. You can still claim the mortgage interest and the property taxes on schedule A, or a percentage on Schedule E and the difference on schedule A. On the portion of your home that is rented you will need to recapture the depreciation when you sell the home. Otherwise your question is a series of questions that would be better answered in an interview by a tax professional. We offer a 30 minute free consultation for the first meeting. If you are in Jacksonville Florida call 904-733-6190 and schedule an appointment with one of our enrolled agents.
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