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socrateaser, Lawyer
Category: Tax
Satisfied Customers: 37860
Experience:  Retired (mostly)
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I sold my home in a short-sale and wanted to move back to my

Customer Question

I sold my home in a short-sale and wanted to move back to my first house that I had been renting. But the renters were not willing to leave. This meant that instead of simply paying my own mortgage and getting a deduction, I received their rent as income and paid my own rent for an apartment (less than rent I was receiving). This seems to mean that I will appear to have earned $15000 more than if I had been able to simply move back into my own home, even though in fact I operated with exactly the same money as if I had been in my own home. Any way I can deduct any of this, or am I simply out the several extra thousand dollars in taxes?
Submitted: 5 years ago.
Category: Tax
Expert:  socrateaser replied 5 years ago.
You're entitled to deduct depreciation expense on the rental property, plus the mortgage, taxes and insurance -- and the cost of any repairs.

Other than that, you are stuck with the net income, if the deductions don't cover you.

Hope this helps and happy holidays.

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