CPA's, Tax Attorneys, IRS Agents, or Accountants...

Typical El Presidente Random Thoughts type stuff

CPA's, Tax Attorneys, IRS Agents, or Accountants...

Postby ed » Wed Jan 05, 2011 7:50 pm

i have a few questions...

i have been renting my condo out for the last year for 1000 dollars per month.

i deposit these checks into my checking account every month.

should i claim the rent as income on my tax return, or just blow it off, and not acknowledge this income?

if i don't claim it, will a red flag be raised because of my monthly deposits, and will anyone even see, or look at these monthly deposits, or am i worrying about nothing?

how much do you have to deposit into a bank account to have a red flag raised? 1000 dollars at a whack seems kind of small to me, but again, i am not at all versed in tax law, and what will pass, and what will get me fucked.

also, will not claiming this renter effect me at all if i ever try and purchase another place, or refinance in the near future?

thanks in advance for some answers and opinions.
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Postby lugnutz » Wed Jan 05, 2011 7:55 pm

Your tenants can claim the rent they pay on their state tax down there still right? It was that way in 97 when I left. If so it will cause you some trouble down the line I bet.
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Postby Sim » Wed Jan 05, 2011 8:01 pm

Seek intelligent council ed.
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Postby tballa55 » Wed Jan 05, 2011 8:26 pm

Ed if you use it as your permanent address you can blow it off.
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Postby ed » Wed Jan 05, 2011 9:01 pm

tballa55 wrote:Ed if you use it as your permanent address you can blow it off.


i have a p.o. box for my mail, but i have no other resident address if that's what you mean balla.
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Postby lugnutz » Wed Jan 05, 2011 9:12 pm

Sim wrote:Seek intelligent council ed.



Prick! I thought of that on my way home.....damn.
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Postby ed » Wed Jan 05, 2011 9:21 pm

Sim wrote:Seek intelligent council ed.


there must be somebody with some sort of intelligence in this area on this board sim.

i'm obviously gonna ask my accountant what is best, but i was just looking for some other viewpoints, because my accountant is very straight edged and close to the vest, and i know he is gonna tell me to claim it.

i am basically looking for somebody to tell me "definitely claim it or you're probably gonna get audited", or "don't worry about it you sissy, it's not a big deal.".
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Postby Sim » Wed Jan 05, 2011 9:23 pm

Of course buddy...Bible and KG seem to know tax stuff pretty well.

"council" was just a jab at lugnapz...
Last edited by Sim on Wed Jan 05, 2011 9:23 pm, edited 1 time in total.
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Postby rearadmiral » Wed Jan 05, 2011 9:23 pm

Sim wrote:Seek intelligent council ed.


I don't think they inforce it to much, Sim.

I think if the renter is putting it down on their tax form, yours should line up too.

As for regular deposits, it has to be 10K or more for them to have to tell the IRS.

Straight cash, homey.
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Postby lugnutz » Wed Jan 05, 2011 9:24 pm

I really would only trust someone I knew had been doing it for 10+ years and is currently getting away with it.
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Postby tballa55 » Wed Jan 05, 2011 9:28 pm

ed wrote:
tballa55 wrote:Ed if you use it as your permanent address you can blow it off.


i have a p.o. box for my mail, but i have no other resident address if that's what you mean balla.


Yes but it also depends if the utilities are under your name or their's, there's, they'res...do you have the same person do your taxes every year? do you do them yourself? PM me if you want.
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Postby ed » Wed Jan 05, 2011 9:33 pm

yup, utilities are all under my name, and i have had the same accountant doing my taxes for about 10 years.
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Postby tballa55 » Wed Jan 05, 2011 9:36 pm

ed wrote:yup, utilities are all under my name, and i have had the same accountant doing my taxes for about 10 years.


Then your accountant should tell you it's not a problem too.
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Postby ed » Wed Jan 05, 2011 9:38 pm

cool, thanks brother
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Postby MCA » Wed Jan 05, 2011 9:57 pm

lug shut the fuck up.
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