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David M. Kaufmann, CPA
7200 S. Alton Way,
Suite B-195
Centennial, CO 80112
Voice: 720.493.4804
(toll-free) 800.326.6686
Fax: 303.796.7768
(toll-free) 888.326.6686
Email:
contact2@kaufmann-cpa.com |
Facts:
You move out of your home, and want to sell it.
You can't get the price you want, and you rent out your
house.
The housing market improves.
Your renter moves out, after the house was on the market
for a year.
You put the house on the market.
6 months after your renter moves out you sell the home.
Problem:
For those 6 months, is this house a residence or a rental
property? This is important. If this is a rental property for those 6 months,
utilities, insurance, repairs, cleaning, painting, new carpet, etc. are
deductible. If this is a residence, those items are not deductible.
Solution:
Contact me before the renter moves out.
[Side issue] You don't want to lose the tax-free status
of the sale of your residence.
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