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Real Estate m
Eileen M. Day REALTOR
WHEN HOME BECOMES
A BUSINESS
Your home becomes a business if you decide to rent it out and move to another one. The costs of running the property are subtracted from the rent to determine the net income from the operation - just as in any other business. Among the expenses that can be charged oft are interest on the mortgage, maintenance, agent's fees, utilities if you pay them, insurance premiums and depreciation.
If you sell a house you rented as against a home occupied by the owner - there are important tax differences. Depreciation claimed must be added to the sales price for taxes. Also, you can't defer the profit from the sale by buying another house, however, you can charge off a loss on the sale against your income for the year. Tax-wise, renting out your home is a whole new ball game. So as not to pass up any money saving deductions, we suggest you put your return in the hands or a good accountant
If there Is anything we can do to help you in the field of real estate please stop in at EILEEN M. DAY. Realtor, the , Clopton House, Washington, 1 Va. 22747. Phone 675-3033. We're here to help.
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