I hired a management property company to assist me in renting my home out. Basically, if all goes well, the rent will be able to cover my mortgage payment fully, so I can live more frugally somewhere else and save money.
In terms of taxes for next year, Is there anything that I can do so I wont have to pay too much to IRS next year?
Obviously, the rent will be coming in as income for me. , i'm still not making any "profits," but I guess it doesn't matter.
Besides just saving the money and paying it n 2010, do I get any special deductions or anything for this?
In terms of taxes for next year, Is there anything that I can do so I wont have to pay too much to IRS next year?
Obviously, the rent will be coming in as income for me. , i'm still not making any "profits," but I guess it doesn't matter.
Besides just saving the money and paying it n 2010, do I get any special deductions or anything for this?
