Since my house in fl is hugely underwater and we can't afford to sell it, we've been renting it. It's been occupied all but a few months the last two yrs. We use tax cut for taxes and it prompts us for the interest deduction and the rent doesn't cover the mortage.
My lawyer father in law says that we should be able to depreciate the house as a rental and in the next breath says but I,m not a tax attny.
So does this sound legit? Or is the depreciation only if I was filing as a business and not an individual? Anyone forced to rent have the same thing pop up?
My lawyer father in law says that we should be able to depreciate the house as a rental and in the next breath says but I,m not a tax attny.
So does this sound legit? Or is the depreciation only if I was filing as a business and not an individual? Anyone forced to rent have the same thing pop up?