. -- it won't protect against liability claims in most cases.

At the time a personal residence is converted to rental use, the tax basis for depreciation is the LESSER of fair market value at the time of conversion, or the cost basis (original cost + cost of improvements - casualty losses claimed).

Tenant has not paid Feb. rent yet, claiming that I do not have legal title to the property so am not entitled to rent!

Sometimes it is the right thing to do, and in some markets, doing the right thing is absolutely necessary from a strictly business perspective as well.I won't claim to be a big-time operator.

I just got property owner to quit claim me a property that he just wanted out of.

Conservation and limited building are the restrictions.You are also correct, mine is the only structure on the complex.Since it is 2 lots, it comes with 2 deeded dock slip.However, the other "l" listing claims it has 9 slips... 2 are "mine".I think owner is currently renting the slips to generate some income.I'm confused as to what i will be purchasing.I'm asassuming"-" shape lot plus Shared access to lake at buy down.And if someone buys the condo lot...

If a tenant claims they don't have any money, they will have to find it somehow if they want to appeal on their court date.A few years ago, we had a tenant find a social services organization to give her the money and Legal Aid helped her with the paperwork.

Not many people can claim that!

Regardless of how you do it, you would have to claim the income, and you would want to offset that income with your expenses.

When I did my taxes last year with the H&R Block gentleman, we established that I am renting 41% and then we took 41% of every expense that we could claim and entered it into the system.