How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39039
Experience:  Retired (mostly)
Type Your Tax Question Here...
socrateaser is online now
A new question is answered every 9 seconds

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: 6 years ago.
Category: Tax
Expert:  socrateaser replied 6 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.

NOTICE: My goal is to assist people who cannot afford traditional legal services. Without your contribution, I will be unable to continue to help others in this forum. I am always available to answering your follow-up questions after you click Accept – however, if you do not click Accept, the website gets paid, and I receive nothing. This is true, even if you are on a subscription plan. So please click Accept, so that I will be able to continue to provide this service for others in the future.