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I know I can exclude section 131 payments form my income for…

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I know I can exclude section 131 payments form my income for a certified family home- can I deduct epenses on top of that, basically creating a loss that would offset other income

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Not much more to it- can I show a loss on a schedule c for a certified family home when I exclude the section 131 payments

Submitted: 3 months ago.Category: Tax
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4/2/2018
Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,220
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 3 months ago

Unfortunately no, you cannot exclude the income and claim expenses too. The exclusion is a huge benefit as it allows you to not pay tax on that amount.

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