Homeowners and landlords

[FortFunFoSho]

All -

I have owned a home for about 2 years. It has been rented for about the past 5-6 months. I am about to make the official switch from 70% homestead to 0% at which point my property tax rate will go from 26.1720 per 1000 taxable value to 43.9978 per 1000 taxable value. It will make a decent difference over the course of the year.

My questions are these:

- Has anyone ever been caught (on this board) renting out a home as a full homestead?
- Are there ways I can write-off more to reduce the property taxes if I do put it as 0% homestead?


My gut instinct is to do the right thing and transfer to 0% homestead, but it starts to tip the investment into the unproductive area.

 

[KLin]

I've never been caught. Actually, I've never rented out a house as a full homestead. Come to think of it, I've never owned a house 😉. Your first question makes it sound like you're considering doing something illegal to save some money. That's probably not a good thing.

 

[imported_weadjust]

Where do you live now? You're only allowed one homestead exemption.

 

[nweaver]

rent it to meth cooks, that'll reduce your property tax PDQ

 

[ebaycj]

Appraisal for more than you paid for the place + Excellent homeowners insurance policy + Mysterious fire, FTW!!!!!!!!!!!!!

 

[waggy]

so you want us to help you commit tax fraud? sure..

 

[dainthomas]

You should start some kind of corporation (FortFunFoSho Property Management) and deduct the house as a business expense. Plus it would keep you from being personally sued for stupid crap.

 

[moshquerade]

make the outside look like crap and the inside like a palace.

 

[FoBoT]

take your fraud thread somewhere else