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Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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We own a home in VA that we have been trying to sell for over

Customer Question

We own a home in VA that we have been trying to sell for over two years. We moved to TN. This year we have allowed some groups/friends to stay there. Several have given us some $ for it. What are the tax implications if we decide to call it a rental?
Submitted: 7 years ago.
Category: Tax
Expert:  Marvin,EA replied 7 years ago.
Hello and thank you for using Just Answer. How long have your friends stay at your home in VA? Is you and your spouse adjusted gross income less than $150,000?
Customer: replied 7 years ago.
Our adjusted gross income is about 70,000. My husband just started a new business so it may be less this year. 3 in college. House is used occassional by various friends/church groups. Maybe totaling 30 days this year. No rent was charged but people did give us $ as they felt led.
Expert:  Marvin,EA replied 7 years ago.
If you did not use the property for personal use and you will use the property for rental use you will be able to deduct the expenses you paid to maintain the property from the income you received from renting the property. If your expenses are more than your rental income you can deduct the excess expenses up to $25,000 from your regular income. You can read more about rental income and expense at
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Customer: replied 7 years ago.
What about depreciation?
Expert:  Marvin,EA replied 7 years ago.
The depreciation on rental property is for 27.5 years.