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deduct mortgage or rent cost for out of state moonlighting?

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  • jfoxcpacfp
    replied
    Ok - i thought you were recommending that he use Abnb for his lodging. Thx for clarifying.

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  • Zaphod
    replied







    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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    What do you mean?
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    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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  • jfoxcpacfp
    replied




    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?

    Leave a comment:


  • Zaphod
    replied
    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.

    Leave a comment:


  • jfoxcpacfp
    replied
    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.

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  • FCP
    replied







    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?
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    Yes, it is possible to do so.
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    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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  • jfoxcpacfp
    replied




    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.

    Leave a comment:


  • FCP
    replied
    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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  • ACN
    replied
    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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  • 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?

     

     
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