I fear I know the answer to this question, but I wanted to double check: I have a home in the US I do not live in as I am out of the country for two years. But a family situation caused me to come back and visit for six weeks this year. The home was mostly empty the rest of the time, but I did rent it out for a few months and received $35,000 in rental income. Because I was in the home more than 14 days does that mean I can take no expenses against that $35,000 in rental income and it will be taxed like ordinary income? What about the mortgage and household improvements and ongoing expenses like gardening? What about broker's fees? Is there any thing I can do to reduce the taxes on this revenue stream? (Next year I will stay in a hotel if I have to come back for more than 14 days.)
- posted
16 years ago