Today, we’re discussing why you might not want to become an ‘accidental landlord’. It’s when you decide to rent out a property you own, that you originally intended to sell – typically after you bought another, new home. While this can sound like a great opportunity for extra income, there are some pitfalls you need to be aware of. And from a tax point of view, there are some big ones.
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Do you have questions about Don’t Rent Out Your Home Until You Watch This? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.