We will be renting a house. If we agree to pay the utilities, can we claim
that as a expense?
van wrote:
> We will be renting a house. If we agree to pay the utilities, can we claim
> that as a expense?
No. Not unless the house is being used as a home business. Even then, you can
only claim the %
of the total square footage used by the business.
Ramboyd
van wrote:
> We will be renting a house. If we agree to pay the utilities, can we claim
> that as a expense?
You can claim utility expenses only for that portion of the house that
is rented. So figure out the percentage that is rented and divide up
your utility bill accordingly.
This is a business venture you are embarking upon... I'd suggest you
seek advice from an accountant familiar with the tax laws. Or at the
least a bookkeeper very familiar with tax preparation for small business.
--
"Its the bugs that keep it running."
-Joe Canuck
On Fri, 4 Jul 2003, van wrote:
> We will be renting a house. If we agree to pay the utilities, can we claim
> that as a expense?
Only to the extent that you use the house for business (including a "home
office" or storage of inventory).
You should say if you are "renting a house" as the landlord or as the
tenant.
As a landlord you have had the answer, use schedual E. As a tentant, only
for business purposes and as a percentage of the house that the business
utilizes.
So yes, and some, or no is your answer!
"van" <vvv@no-spam> wrote in message
news:1057344140.216514@no-spam
> We will be renting a house. If we agree to pay the utilities, can we
claim
> that as a expense?
>
>
>
>
>
If you are renting out the house you posted re: renting to students, yes
you can claim 100% of the utilities, and quite possibly 90 to 100 % of
insurance, 100% for repairs if damages were made by renters, 50% for repairs
to plumbing, electrical, structure, roof (normal wear and tear repairs) 100%
for repairs caused by tenants (only if they haven't paid you for them) If
u run a home business you can claim portions for expenses (example- I ran an
inhome daycare for 7 yrs, offered 7 days a week, 24hrs all rooms in the
house were used except master bedroom, I hired an accountant to take care
of the taxes for first year, he claimed 85% of utilities, 75% of household
insurance and 50% of repairs. 100% for repairs made to items children broke
whether accidental or not), at that time I also ran 2 other buisnesses from
home- computer/office work and seamstress). sometimes it's a lot easier to
initially hire an accountant pay them to do your taxes and show you detail
by detail what are acceptable deductions (fee i paid was $250, it was well
worth it.)
--
remove NOSPAM to reply
ev_d@no-spam
http://ca.profiles.yahoo.com/evilla2
ICQ 47413553
"van" <vvv@no-spam> wrote in message
news:1057344140.216514@no-spam
> We will be renting a house. If we agree to pay the utilities, can we
claim
> that as a expense?
>
>
>
>
>
On Sat, 5 Jul 2003, SisterGoldenHair wrote:
> If you are renting out the house you posted re: renting to students, yes
> you can claim 100% of the utilities, and quite possibly 90 to 100 % of
> insurance, 100% for repairs if damages were made by renters, 50% for repairs
> to plumbing, electrical, structure, roof (normal wear and tear repairs) 100%
> for repairs caused by tenants (only if they haven't paid you for them) If
> u run a home business you can claim portions for expenses (example- I ran an
> inhome daycare for 7 yrs, offered 7 days a week, 24hrs all rooms in the
> house were used except master bedroom, I hired an accountant to take care
> of the taxes for first year, he claimed 85% of utilities, 75% of household
> insurance and 50% of repairs. 100% for repairs made to items children broke
> whether accidental or not), at that time I also ran 2 other buisnesses from
> home- computer/office work and seamstress). sometimes it's a lot easier to
> initially hire an accountant pay them to do your taxes and show you detail
> by detail what are acceptable deductions (fee i paid was $250, it was well
> worth it.)
Your experience of running a day care center out of your home isn't going to
help - because there are special rules for day care home use that do not apply
to other types of business use of home.
Not really.
You can claim the parts of your house that you really use exclusively for
legitimate business.
The key is you have to be able to demonstrate it is clearly used for
business purposes and not personal use.
If it is partly used for personal use and partly used for business, as is
the case when a person lives in the home, then it's a percentage.
But you can buy a home, use it exclusively for business, not live in it, and
write 100% of the costs.
The same way as if you leased/purchased an office building. And you could
put a cott in the back of an office and sleep there, and a kitchenette and
eat there. So you can do the same in a home. Just be prepared that the tax
man can challenge you and not allow claims, because a house is for personal
use, and it's up to you to prove it was used for business, what part, and
how often. And as long as you live there, you can never claim 100% for
business purposes - can you?
"D. Stussy" <kd6lvw@no-spam> wrote in message
news:Pine.LNX.4.56.0307052327490.1599@no-spam
> On Sat, 5 Jul 2003, SisterGoldenHair wrote:
> > If you are renting out the house you posted re: renting to students,
yes
> > you can claim 100% of the utilities, and quite possibly 90 to 100 % of
> > insurance, 100% for repairs if damages were made by renters, 50% for
repairs
> > to plumbing, electrical, structure, roof (normal wear and tear repairs)
100%
> > for repairs caused by tenants (only if they haven't paid you for them)
If
> > u run a home business you can claim portions for expenses (example- I
ran an
> > inhome daycare for 7 yrs, offered 7 days a week, 24hrs all rooms in the
> > house were used except master bedroom, I hired an accountant to take
care
> > of the taxes for first year, he claimed 85% of utilities, 75% of
household
> > insurance and 50% of repairs. 100% for repairs made to items children
broke
> > whether accidental or not), at that time I also ran 2 other buisnesses
from
> > home- computer/office work and seamstress). sometimes it's a lot easier
to
> > initially hire an accountant pay them to do your taxes and show you
detail
> > by detail what are acceptable deductions (fee i paid was $250, it was
well
> > worth it.)
>
> Your experience of running a day care center out of your home isn't going
to
> help - because there are special rules for day care home use that do not
apply
> to other types of business use of home.
I guess the HTML is for people with reading comprehension =
difficulties....lol!
"SisterGoldenHair" <tekczaress@no-spam> wrote in message =
news:2nQNa.79$ru2.833@no-spam
there are all types of businesses run out of peoples home every type =
will have different rules, and regulations, and all types of tax breaks =
and loopholes. mine as stated below was an example, and=20
advised to hire an accountant see below if you missed that part
"D. Stussy" <kd6lvw@no-spam> wrote in message =
news:Pine.LNX.4.56.0307052327490.1599@no-spam
> On Sat, 5 Jul 2003, SisterGoldenHair wrote:
> > If you are renting out the house you posted re: renting to =
students, yes
> > you can claim 100% of the utilities, and quite possibly 90 to 100 =
% of
> > insurance, 100% for repairs if damages were made by renters, 50% =
for repairs
> > to plumbing, electrical, structure, roof (normal wear and tear =
repairs) 100%
> > for repairs caused by tenants (only if they haven't paid you for =
them) If
> > u run a home business you can claim portions for expenses =
(example- I ran an
> > inhome daycare for 7 yrs, offered 7 days a week, 24hrs all rooms =
in the
> > house were used except master bedroom, I hired an accountant to =
take care
> > of the taxes for first year, he claimed 85% of utilities, 75% of =
household
> > insurance and 50% of repairs. 100% for repairs made to items =
children broke
> > whether accidental or not), at that time I also ran 2 other =
buisnesses from
> > home- computer/office work and seamstress). > sometimes it's a =
lot easier to
> > initially hire an accountant pay them to do your taxes and show =
you detail
> > by detail what are acceptable deductions (fee i paid was $250, it =
was well
> > worth it.)
> Your experience of running a day care center out of your home isn't =
going to
> help - because there are special rules for day care home use that do =
not apply
> to other types of business use of home.
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<META http-equiv=3DContent-Type content=3D"text/html; =
charset=3Diso-8859-1">
<META content=3D"MSHTML 6.00.2726.2500" name=3DGENERATOR>
<STYLE></STYLE>
</HEAD>
<BODY bgColor=3D#ffffff>
<DIV><FONT face=3DArial size=3D2>I guess the HTML is for people with =
reading=20
comprehension difficulties....lol!</FONT></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV>"SisterGoldenHair" <<A=20
=
href=3D"mailto:tekczaress@no-spam">tekczaress@no-spam
</A>>=20
wrote in message <A=20
=
href=3D"news:2nQNa.79$ru2.833@no-spam">news:2nQNa.79$ru2.83=
3@no-spam</A>...</DIV>
<DIV><FONT face=3DTahoma size=3D2>there are all types of =
businesses run out=20
of peoples home every type will have different rules, and=20
regulations, and all types of tax breaks and loopholes. =
mine as=20
stated below was an <U><STRONG>example</STRONG>,</U> =20
and </FONT><FONT face=3DTahoma size=3D2><BR>advised to hire an=20
accountant see below if you missed that =
part</FONT></DIV>
<DIV><FONT face=3DTahoma size=3D2>"D. Stussy" <</FONT><A=20
href=3D"mailto:kd6lvw@no-spam"><FONT face=3DTahoma=20
size=3D2>kd6lvw@no-spam</FONT></A><FONT face=3DTahoma =
size=3D2>> wrote=20
in message </FONT><A=20
href=3D"news:Pine.LNX.4.56.0307052327490.1599@no-spam"><FONT =
face=3DTahoma=20
=
size=3D2>news:Pine.LNX.4.56.0307052327490.1599@no-spam</FONT></A>=
<FONT=20
face=3DTahoma size=3D2>...</FONT></DIV>
<DIV><FONT face=3DTahoma size=3D2>> On Sat, 5 Jul 2003, =
SisterGoldenHair=20
wrote:<BR>> > If you are renting out the house you posted re: =
renting to=20
students, yes<BR>> > you can claim 100% of the utilities, =
and=20
quite possibly 90 to 100 % of<BR>> > insurance, 100% for repairs =
if=20
damages were made by renters, 50% for repairs<BR>> > to =
plumbing,=20
electrical, structure, roof (normal wear and tear repairs) =
100%<BR>> >=20
for repairs caused by tenants (only if they haven't paid you for them) =
If<BR>> > u run a home business you can claim portions for=20
expenses<STRONG><FONT size=3D5> <FONT=20
color=3D#ff0000>(example</FONT></FONT></STRONG>- I ran an<BR>> > =
inhome=20
daycare for 7 yrs, offered 7 days a week, 24hrs all rooms in =
the<BR>> >=20
house were used except master bedroom, <STRONG><FONT =
color=3D#ff0000> I=20
hired an accountant to take care<BR>> > of the taxes for first=20
year,</FONT></STRONG> he claimed 85% of utilities, 75% of=20
household<BR>> > insurance and 50% of repairs. 100% for repairs =
made to=20
items children broke<BR>> > whether accidental or not), at that =
time I=20
also ran 2 other buisnesses from<BR>> > home- computer/office =
work and=20
seamstress). > <FONT size=3D3><FONT =
color=3D#ff0000><STRONG>sometimes=20
it's a lot easier to<BR>> > initially hire an accountant pay =
them to do=20
your taxes and show <U>you detail<BR>> > by detail what are =
acceptable=20
deductions</U> (fee i paid was $250, it was well<BR>> > worth=20
it.)</STRONG><BR></FONT></FONT></FONT></DIV>
<DIV><FONT face=3DTahoma size=3D2></FONT> </DIV>
<DIV><FONT face=3DTahoma size=3D2> </DIV>
<DIV><BR>> Your experience of running a day care center out of your =
home=20
isn't going to<BR>> help - because there are special rules for day =
care=20
home use that do not apply<BR>> to other types of business use of=20
home.</FONT></DIV></BLOCKQUOTE></BODY></HTML>
Perhaps you are not aware of this, but it is considered appropriate to
post in plain text in the newsgroups.
More information on exactly why this isnt' good behavior and how to
correctly configure your newsgroup program is available below:
http://expita.com/nomime.html
--
"Its the bugs that keep it running."
-Joe Canuck
HTML is teh CAUSE of reading difficulties. HTML is for web pages, not
newsgroup posts (which should [for non-binary groups] always be in plain text).
On Sun, 6 Jul 2003, Defender of Enormous Manhood wrote:
> I guess the HTML is for people with reading comprehension difficulties....lol!
> "SisterGoldenHair" <tekczaress@no-spam> wrote in message news:2nQNa.79$ru2.833@no-spam
> there are all types of businesses run out of peoples home every type will have different rules, and regulations, and all types of tax breaks and loopholes. mine as stated below was an example, and
> advised to hire an accountant see below if you missed that part
> "D. Stussy" <kd6lvw@no-spam> wrote in message news:Pine.LNX.4.56.0307052327490.1599@no-spam
> > On Sat, 5 Jul 2003, SisterGoldenHair wrote:
> > > If you are renting out the house you posted re: renting to students, yes
> > > you can claim 100% of the utilities, and quite possibly 90 to 100 % of
> > > insurance, 100% for repairs if damages were made by renters, 50% for repairs
> > > to plumbing, electrical, structure, roof (normal wear and tear repairs) 100%
> > > for repairs caused by tenants (only if they haven't paid you for them) If
> > > u run a home business you can claim portions for expenses (example- I ran an
> > > inhome daycare for 7 yrs, offered 7 days a week, 24hrs all rooms in the
> > > house were used except master bedroom, I hired an accountant to take care
> > > of the taxes for first year, he claimed 85% of utilities, 75% of household
> > > insurance and 50% of repairs. 100% for repairs made to items children broke
> > > whether accidental or not), at that time I also ran 2 other buisnesses from
> > > home- computer/office work and seamstress). > sometimes it's a lot easier to
> > > initially hire an accountant pay them to do your taxes and show you detail
> > > by detail what are acceptable deductions (fee i paid was $250, it was well
> > > worth it.)
>
>
>
>
> > Your experience of running a day care center out of your home isn't going to
> > help - because there are special rules for day care home use that do not apply
> > to other types of business use of home.
>
thats for sure LOL
--=20
remove NOSPAM to reply
ev_d@no-spam
http://ca.profiles.yahoo.com/evilla2
ICQ 47413553
"Defender of Enormous Manhood" <14inchcock@no-spam> wrote =
in message =
news:niWNa.66374$a51.44790@no-spam
I guess the HTML is for people with reading comprehension =
difficulties....lol!
"SisterGoldenHair" <tekczaress@no-spam> wrote in message =
news:2nQNa.79$ru2.833@no-spam
there are all types of businesses run out of peoples home every type =
will have different rules, and regulations, and all types of tax breaks =
and loopholes. mine as stated below was an example, and=20
advised to hire an accountant see below if you missed that part
"D. Stussy" <kd6lvw@no-spam> wrote in message =
news:Pine.LNX.4.56.0307052327490.1599@no-spam
> On Sat, 5 Jul 2003, SisterGoldenHair wrote:
> > If you are renting out the house you posted re: renting to =
students, yes
> > you can claim 100% of the utilities, and quite possibly 90 to =
100 % of
> > insurance, 100% for repairs if damages were made by renters, 50% =
for repairs
> > to plumbing, electrical, structure, roof (normal wear and tear =
repairs) 100%
> > for repairs caused by tenants (only if they haven't paid you for =
them) If
> > u run a home business you can claim portions for expenses =
(example- I ran an
> > inhome daycare for 7 yrs, offered 7 days a week, 24hrs all rooms =
in the
> > house were used except master bedroom, I hired an accountant to =
take care
> > of the taxes for first year, he claimed 85% of utilities, 75% =
of household
> > insurance and 50% of repairs. 100% for repairs made to items =
children broke
> > whether accidental or not), at that time I also ran 2 other =
buisnesses from
> > home- computer/office work and seamstress). > sometimes it's a =
lot easier to
> > initially hire an accountant pay them to do your taxes and show =
you detail
> > by detail what are acceptable deductions (fee i paid was $250, =
it was well
> > worth it.)
> Your experience of running a day care center out of your home =
isn't going to
> help - because there are special rules for day care home use that =
do not apply
> to other types of business use of home.
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN">
<HTML><HEAD>
<META http-equiv=3DContent-Type content=3D"text/html; =
charset=3Diso-8859-1">
<META content=3D"MSHTML 6.00.2800.1170" name=3DGENERATOR>
<STYLE></STYLE>
</HEAD>
<BODY bgColor=3D#ffffff>
<DIV><FONT face=3DTahoma size=3D2>thats for sure LOL</FONT></DIV>
<DIV><BR>-- <BR>remove NOSPAM to reply<BR><A=20
href=3D"mailto:ev_d@no-spam">ev_d@no-spam</A> <BR><A =
href=3D"http://ca.profiles.yahoo.com/evilla2">http://ca.profiles.yahoo.co=
m/evilla2</A><BR>ICQ=20
47413553</DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV>"Defender of Enormous Manhood" <<A=20
=
href=3D"mailto:14inchcock@no-spam">14inchcock@no-spam
.cum</A>>=20
wrote in message <A=20
=
href=3D"news:niWNa.66374$a51.44790@no-spam">=
news:niWNa.66374$a51.44790@no-spam</A>...</D=
IV>
<DIV><FONT face=3DArial size=3D2>I guess the HTML is for people with =
reading=20
comprehension difficulties....lol!</FONT></DIV>
<BLOCKQUOTE dir=3Dltr=20
style=3D"PADDING-RIGHT: 0px; PADDING-LEFT: 5px; MARGIN-LEFT: 5px; =
BORDER-LEFT: #000000 2px solid; MARGIN-RIGHT: 0px">
<DIV>"SisterGoldenHair" <<A=20
=
href=3D"mailto:tekczaress@no-spam">tekczaress@no-spam
</A>>=20
wrote in message <A=20
=
href=3D"news:2nQNa.79$ru2.833@no-spam">news:2nQNa.79$ru2.83=
3@no-spam</A>...</DIV>
<DIV><FONT face=3DTahoma size=3D2>there are all types of =
businesses run out=20
of peoples home every type will have different rules, and=20
regulations, and all types of tax breaks and loopholes. =
mine as=20
stated below was an <U><STRONG>example</STRONG>,</U> =20
and </FONT><FONT face=3DTahoma size=3D2><BR>advised to hire an=20
accountant see below if you missed that =
part</FONT></DIV>
<DIV><FONT face=3DTahoma size=3D2>"D. Stussy" <</FONT><A=20
href=3D"mailto:kd6lvw@no-spam"><FONT face=3DTahoma=20
size=3D2>kd6lvw@no-spam</FONT></A><FONT face=3DTahoma =
size=3D2>> wrote=20
in message </FONT><A=20
href=3D"news:Pine.LNX.4.56.0307052327490.1599@no-spam"><FONT =
face=3DTahoma=20
=
size=3D2>news:Pine.LNX.4.56.0307052327490.1599@no-spam</FONT></A>=
<FONT=20
face=3DTahoma size=3D2>...</FONT></DIV>
<DIV><FONT face=3DTahoma size=3D2>> On Sat, 5 Jul 2003, =
SisterGoldenHair=20
wrote:<BR>> > If you are renting out the house you posted re: =
renting=20
to students, yes<BR>> > you can claim 100% of the =
utilities, and=20
quite possibly 90 to 100 % of<BR>> > insurance, 100% for =
repairs if=20
damages were made by renters, 50% for repairs<BR>> > to =
plumbing,=20
electrical, structure, roof (normal wear and tear repairs) =
100%<BR>> >=20
for repairs caused by tenants (only if they haven't paid you for =
them)=20
If<BR>> > u run a home business you can claim portions for=20
expenses<STRONG><FONT size=3D5> <FONT=20
color=3D#ff0000>(example</FONT></FONT></STRONG>- I ran an<BR>> =
> inhome=20
daycare for 7 yrs, offered 7 days a week, 24hrs all rooms in =
the<BR>>=20
> house were used except master bedroom, <STRONG><FONT=20
color=3D#ff0000> I hired an accountant to take care<BR>> > of =
the taxes=20
for first year,</FONT></STRONG> he claimed 85% of utilities, =
75% of=20
household<BR>> > insurance and 50% of repairs. 100% for =
repairs made=20
to items children broke<BR>> > whether accidental or not), at =
that=20
time I also ran 2 other buisnesses from<BR>> > home- =
computer/office=20
work and seamstress). > <FONT size=3D3><FONT=20
color=3D#ff0000><STRONG>sometimes it's a lot easier to<BR>> > =
initially=20
hire an accountant pay them to do your taxes and show <U>you =
detail<BR>>=20
> by detail what are acceptable deductions</U> (fee i paid was =
$250, it=20
was well<BR>> > worth =
it.)</STRONG><BR></FONT></FONT></FONT></DIV>
<DIV><FONT face=3DTahoma size=3D2></FONT> </DIV>
<DIV><FONT face=3DTahoma size=3D2> </DIV>
<DIV><BR>> Your experience of running a day care center out of =
your home=20
isn't going to<BR>> help - because there are special rules for =
day care=20
home use that do not apply<BR>> to other types of business use of =
home.</FONT></DIV></BLOCKQUOTE></BLOCKQUOTE></BODY></HTML>