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deduct mortgage or rent cost for out of state moonlighting?

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  • deduct mortgage or rent cost for out of state moonlighting?

    hello all,

     

    if one were to moonlight at an out of state hospital for one 5 day period per month, would it be possible to deduct rent or mortgage expenses for a dwelling near the moonlighting site as a business expense?

     

     

  • #2
    I would take the per diem food and housing allotment for each day you are gone and use that as your deduction

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    • #3
      clarification: i stay with family (though they are an hour away from this hospital), and would like to buy a place of my own for those 5 days that is close to the hospital. the hospital pays me quite a bit, but no formal housing/food allowance.

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      • #4




        hello all,

        if one were to moonlight at an out of state hospital for one 5 day period per month, would it be possible to deduct rent or mortgage expenses for a dwelling near the moonlighting site as a business expense?
        Click to expand...


        Yes, it is possible to do so.
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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        • #5







          hello all,

          if one were to moonlight at an out of state hospital for one 5 day period per month, would it be possible to deduct rent or mortgage expenses for a dwelling near the moonlighting site as a business expense?
          Click to expand…


          Yes, it is possible to do so.
          Click to expand...


          Thanks!  Do you know if I'd be able to deduct the whole mortgage (lets stay it was $1500/mo), or only a portion of it?

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          • #6
            Don't see deducting the full mortgage (not "ordinary" and "necessary") as there has to be an element of investment for you to buy a house for 5 days per month. Definitely a convo to have with your CPA and/or CFP.
            Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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            • #7
              If the city seems reasonable to the idea, which is frankly changing on a dime lately, and the location is desirable...you could Airbnb it for the rest of the time you are using it.

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              • #8




                If the city seems reasonable to the idea, which is frankly changing on a dime lately, and the location is desirable…you could Airbnb it for the rest of the time you are using it.
                Click to expand...


                What do you mean?
                Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

                Comment


                • #9







                  If the city seems reasonable to the idea, which is frankly changing on a dime lately, and the location is desirable…you could Airbnb it for the rest of the time you are using it.
                  Click to expand…


                  What do you mean?
                  Click to expand...


                  If he is only there for 5d/month, he could rent the place out during the other days using a short term rental company. Traditional or like HomeAway, Airbnb, etc....

                  Cities and counties are constantly cracking down and changing their minds so that isnt a valid reason to buy since it could be pulled out from under you, but its a thought for income generation.

                  Currently monitoring the hot controversy in the beach town where I want a condo to do this. Hopefully goes my way.

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                  • #10
                    Ok - i thought you were recommending that he use Abnb for his lodging. Thx for clarifying.
                    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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