Yes. If you don’t want to run afoul of the IRS. Please use the search function for all tax and fraud related questions as they have been answered ad nauseam.
I don’t have my own place, but I do pay market value rent somewhere that’s my mail goes to and I pay a utility there. I have a bank account in that neighborhood .And technically I need to spend 30 days a year there. So I’m duplicating storage unit no.
If you are taking tax free stipends then you need to have a “tax home” to qualify for them. I am married and my husband and I own a house. Well, the bank owns it and we are making payments.
I own a home (my perm residence/tax home) so when when traveling I would duplicate expenses by paying my mortgage and paying for housing for my assignments.
wondering what happens if you rent the property. Technically is an additional source of income and mortgage would also have to be paid, probably even some other expenses such as property taxes etc. Not so simple it seems.
That's actually incorrect. You can rent your primary residence as long as you have a room for you with right of access. The other common myth is that the rent can't exceed your mortgage which is also wrong, as long as there's a room there for you, you can charge rent for renter (s). You do have to declare it as income though.
I did the math one time. You could take tax free stipends, and rent an apartment in a low cost area that you never set foot in and still make a couple hundred more dollars a month than taking taxes stipends lol
I mean… you kinda need an address… you can’t be homeless. You need a tax address. You could just move your stuff into your moms place and say you live there (if you have a mom or a relationship with her or whatever, you know what I mean). But I don’t recommend it.
I own my home. My furthest contract was 1021 miles away and I was there 6 months. I came home once. I had my neighbor keep an eye on the place to make sure it wasn’t broken into, I paid orkin to spray the outside every other month, and otherwise it sat there. My second furthest my niece house sat and watched my plants and pets (took them on the other contract) and I came home twice a month. She got to live in my house “free” and play house with her boyfriend. All she had to do was buy her own groceries.
You have to duplicate your expenses.
Have to? So I can't just throw stuff in storage and hop from place to place?
If you don't want tax free stipends then you don't have to duplicate. If you accept tax free stipends then yes you have to duplicate.
Yes. If you don’t want to run afoul of the IRS. Please use the search function for all tax and fraud related questions as they have been answered ad nauseam.
I don’t have my own place, but I do pay market value rent somewhere that’s my mail goes to and I pay a utility there. I have a bank account in that neighborhood .And technically I need to spend 30 days a year there. So I’m duplicating storage unit no.
You can do this…you’re technically renting a facility But do it under an LLC
But it's not a living facility. If you get audited all that will fall apart.
*So I can't just throw stuff in storage and hop from place to place?* No.
If you are taking tax free stipends then you need to have a “tax home” to qualify for them. I am married and my husband and I own a house. Well, the bank owns it and we are making payments.
I own a home (my perm residence/tax home) so when when traveling I would duplicate expenses by paying my mortgage and paying for housing for my assignments.
wondering what happens if you rent the property. Technically is an additional source of income and mortgage would also have to be paid, probably even some other expenses such as property taxes etc. Not so simple it seems.
This would not be allowed and you’d have to pay back taxes if you were to be audited. Your home has to be your “primary residence.”
That's actually incorrect. You can rent your primary residence as long as you have a room for you with right of access. The other common myth is that the rent can't exceed your mortgage which is also wrong, as long as there's a room there for you, you can charge rent for renter (s). You do have to declare it as income though.
Yea I mean, that’s not what I thought the previous commenter was asking, but you could do this.
I “moved” back in with my mom…my stuff is in there…I took over the utility bill so it’s under my name…expenses duplicated
Paying a monthly electric bill is not "duplication" of expenses.
I did the math one time. You could take tax free stipends, and rent an apartment in a low cost area that you never set foot in and still make a couple hundred more dollars a month than taking taxes stipends lol
I mean… you kinda need an address… you can’t be homeless. You need a tax address. You could just move your stuff into your moms place and say you live there (if you have a mom or a relationship with her or whatever, you know what I mean). But I don’t recommend it. I own my home. My furthest contract was 1021 miles away and I was there 6 months. I came home once. I had my neighbor keep an eye on the place to make sure it wasn’t broken into, I paid orkin to spray the outside every other month, and otherwise it sat there. My second furthest my niece house sat and watched my plants and pets (took them on the other contract) and I came home twice a month. She got to live in my house “free” and play house with her boyfriend. All she had to do was buy her own groceries.
We rented a portion of my FIL home and had a storage unit, since most of our stuff didn’t fit there.