Can You Really Do This???

I was talking to a few people at work who bought homes or condos.

Some of the things they are doing seem a bit shady, but they insist that no one 'checks'

1) If you rent out a room or rooms in a house or apt., can you deduct the gross rent from you taxes (along with the mortgage interest & property taxes)???

2) This one is definately wrong but people do this all the time--- deducting the yearly PMI premium from your taxes. I guess people just add it into the mortgage interest & property taxes.

Comments(3)

  • MrMike20th January, 2004

    Quote:
    On 2004-01-19 23:20, NickL wrote:

    1) If you rent out a room or rooms in a house or apt., can you deduct the gross rent from you taxes (along with the mortgage interest & property taxes)???



    What do you mean can you deduct gross rent? You have to PAY for income NOT deduct it.

  • scr200120th January, 2004

    do you mean they are not claiming the income and still deducting the full amount from personal taxes????

  • InActive_Account20th January, 2004

    This one really smells like trouble if caught...

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