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Submitted 208 days ago...
What's my best option for filing 2 properties?
I have a home in Indiana (live in took residence on Aug 17, 2007) and another in Ohio. The Ohio home (I moved into on Aug 16, 2007) is my primary BUT my employer is in Indiana. I do have someone living at the home in Indiana that pays me a monthly fee. I go back to this house & stay for work approx twice per month for approx 4 - 5 days total.
It's my understanding the Fed allows me to have 2 homes that I can write off interest, taxes etc...? Is that correct?
My question is... what is my best financial (most profitable) option when filing my taxes?
Should I claim the money I receive from the Indiana home as income?
I believe I do not have to as long as the home was my primary for 3 of the last 5 years.
BUT, I know there is a renter deduction my live in wants for year 2008.
My current CPA wants me to provide a fair market value for the Indiana home, wants me to claim the fee as income and does not consider this as I "live in" the property. The live in intends on buying the property the beginning of 2010. How do I minimize the amount of taxes I'll pay now as well as when the property sells.
Again... what is my best safest option.
Thanks in advance.
TT
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