Taxes !!!

Onefast99gsx · 01-21-2005

I know it's only January...but time to start thinking of it.

Since i'm probably older than many of you, i should know this. In all my years of paying taxes, i've always done the standard deduction of like $3000-$3500 or whatever it is. I never had enough to do itemized deductions. I rent. A friend keeps insisting to me that i can write off my rent. Without talking to a taxman, i don't think that you can. Unless, you use part of your home for a business. ????

Last year i did maybe 5 jobs in my garage on the side for people. Nothing big, but still a side job. Any of you know if i can claim a portion or all of my place that i rent as a tax write off. I paid $475*12=$5,700. Would be nice to claim a good chunk or all of that as a write off.

Do any of you that have full time jobs, do side jobs in your garage and write off your rent?

Could use any tax help.

Thanks.

**Kracka** · 01-21-2005

You could write-off a portion of your rent only if you claim your side-jobs as a real business, then you'll be paying taxes on that income too. You would only be able to write-off a small percentage of your rent though. PM me if you want more details, I don't have time to type it out right now.

Raptor · 01-21-2005

If you aren't a legit business and havn't paid taxes on that income, you will hurt your return drastically by mentioning it.

Matt D. · 01-21-2005

What type of rent are you talking about? If you are in a signed lease agreement then whoever you rent from is supposed to give you a tax form that proves that you rented from them for a certain amount from this date to that date. This will allow you to file for rent credit when you file your taxes.

Onefast99gsx · 01-21-2005

My landlord hasn't given me squat in the 3 years that i've been there. I should perhaps talk to him on it. No, i'm not a legit business with a established name, phone, yellow page entry, etc... But i am in a signed lease though. Matt, can you file 100% of your rent as credit?

TalonTSI- I'll PM you when i get a chance. I'm at work. I'll just PM you later after hours. It's Not like i'm efiling right away.

This all came about when a buddy of mine told me about what he does. Different case.... He owns a house and rents the upstairs. He writes off just about everything he can provide a receipt for. Even if it's repairs on his own house part and not just the upstairs. Tools, gas here and there, computer(because he said he needs it to keep track of renter), and probably about 5+ other things. Pisses me off. He gets back like $1,200 a year. I end up paying on the average about $300-500 to federal every year. I'd like to do the itemized deduction but i just don't know if i'd have enough shit to write off. I'd almost have to be able to write off a pretty dam good chunk of the rent to be able to do it.

I pretty well get robbed once a year on April 15th.

Thanks.

Matt D. · 01-21-2005

Yes, if you're leasing your housing then you can claim is as a tax credit. You don't get the entire amount back but it's a percentage at least.

EDIT: This may help you out - http://www.taxes.state.mn.us/taxes/p...s_refund.shtml

Jana · 01-21-2005

Yeah, if you signed a lease, the are supposed to give you a slip that shows how much rent you paid, and then how much you could claim. Then it depends on your income, if you make over $28/29K/yr you probably won't get squat back. I never got any money back for rent.

I am lucky enough to have a home so I have plenty to do the itemized deductions. It's definately a plus.

tpunx99GSX · 01-21-2005

Im doing HR Block this year, The whole 2 state thing will make my head spin, plus i rent and work as a prostitute. can i write off my bed as a business expense.

Jana · 01-21-2005

You are a dumbass Tom.... being a prostitute is illegal, so if you were to claim that as a buisness expense, you'd probably see yourself arrested...

If doing two states is the only difficult thing, I don't think you should ever do your own. That is actually really easy to figure out....

tpunx99GSX · 01-21-2005

I just dont want to screw up and end up having to pay money to them.
dam so i suppose i cant claim a loss in my business of Theifing points from other members of dsmstyle. i must have lost at least 1500 points to that

john · 01-21-2005

Same here on the theifing. I figured it out before anyone knew anything about it.

**Kracka** · 01-21-2005

Quote:

Originally Posted by DSMChick

You are a dumbass Tom.... being a prostitute is illegal, so if you were to claim that as a buisness expense, you'd probably see yourself arrested...

Prostitutes and drug dealers are legally required to claim their income even though its illegal. Thats how they get just about every mobster on tax evasion when they can prove nothing else.

About owning and renting out a house....writing off tons of stuff is cool

Some gas, some meals, all repairs, my computer, etc etc etc is all deductible.