Planning for the "temporary rental" of a principal residence

Article Abstract:

Homeowners who rent out a personal residence rather than sell it because of an unfavorable housing market should be aware of how they can arrange the rental so as to minimize taxes. IRC Section 1034 allows a deferring of the gain on a sale if the homeowner can show that the rental was only temporary. Section 167 permits a homeowner to write off the depreciation on property used to generate income. Rental losses can be deducted from adjusted gross income and fall within the passive-activity rules of Section 469.

Homeowners, Rental housing

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Beneficial regulatory activity: Proposed Regulations redefine "activity" under the passive-activity limitations

Article Abstract:

The Treasury Department in May 1992 announced new Proposed Regulations concerning what is and is not an activity under the passive-activity limitations established by the Tax Reform Act of 1986. The new rules, which supersede the wordy and cumbersome Temporary Regulations of May 1989, simplify the process of determining an activity's scope by focusing on the facts and circumstances of each case. However, the Proposed Regulations are unlikely to achieve certain results when applied to real estate issues.

Laws, regulations and rules, Passive activity (Taxation)

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Leasing to dot.coms (and other high-tech start-ups): what the parties should know

Article Abstract:

The authors discuss tax issues related to leasing to high technology companies following the companies' volatility in 2000.

United States, High technology industry, Contracts, Commercial leases

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