Full Timing Accounting Question
We are Full Timers as of Oct 2012. After 2 years prior, unable to sell our primary home or a small 3 unit apartment building in Wisconsin. We finally got a renter for our primary home. Hoping to try t...
Forum Discussion
doxiemom11 wrote:
Look at( www.rvtaxhelp.com.) This is a full-time rver who is a tax person. She runs this website just to help answer tax questions for rvers. This question was asked of her and her response was that there is nothing in the tax laws that say you have to reside in the state where you own a home/property. You would simply file taxes in that state as a non-resident. We have our home rented out because it didn't sell either (MI) and we also have a city tax to file. Both are non-resident tax filings. You may find as we did that you do not owe any tax because there was no income in those locations other then rental income, which after expenses was not high enough to require a tax return to be filed.
We also have our house rented out (in CA) the management company deducts the CA taxes and sends tha money off to the state.We file CA taxes as a non resident,and get the money back,being as we are "residents of SD.The amount the rental earns is not enough to owe CA tax.
So it works as is explained in the above post The "rub" is that we have to pay the tax preparer to file the CA tax,to get back the tax money, that we did not owe in the first place,back.
