money blog

Hi,my name is Anne,I did the following:
Question: If I own a rental property and I purchase home improvement supplies?
If I own a rental property and I purchase home improvement supplies (drywall, insulation, flooring, lighting etc…) for that rental property, can I claim that at the end of the year in my taxes. Are there any stipulations as to how long you have to own the property and be renting it out and how much you can spend or claim – are there any caps? How much could I expect to be reimbursed at the end of the year – I heard 40% – Is that true?

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Hi,my name is Anne,I did the following:
Q&A: Can I deduct home improvement expenses if I am reporting rental income from renting a room in my home?
I have a 3-bedroom house and I rent out one of the rooms for extra income. I have also invested several thousand dollars in home improvement last year, much of it on repairs to the extra bathroom used by the roommate-tenant.
Does anyone know the rules on reporting the rent obtained from the roommate, and also the deductions I would be allowed on the improvements because of this partial rental space in the house?

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Anne edited the following
Q&A: Can I pay self employment tax on rental income?
I need to build up social security credits before retirement and want to know how I can use rental income to qualify for the self employment tax as it is usually exempt? This is the only real income I have and my husband’s income is his pension.

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