what are the excise benefits for buying an investment home while living contained by a rented apartment?
Can a NY lease purchase tenant be
Well, if you really want to be in motion into the landlord business, after you'll find that owning investment real estate can be advantageous both through the years of ownership when you can write rotten lots of expenses incurred with the property ownership ( taxes, interest, depreciation, repairs and preservation, lawn service, snow removal, insurance, utilities) and when you put on the market the property and the gain (we hope) would be a capital gain subject to lower excise rates.
Problems I see are you being an malingerer landlord and possibly have to hire things done that you would normally do yourself ( repairs, showing to potential tenant, watching how well your property is care for)
Buying greatly cross-question?
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Zoning cross-question, anyone know what low density
Depending on how you do this, you can write off expenses related to renting out that house. This will usually be nominal unless you're really creative.
Or, if you claim you live in the other state (pretty difficult if any state has an income tax), you can claim the house as your residence, and take off your mortgage interest.
Might also try setting up a business, having its sole function be supervision of your rental property. You can deduct expenses related to the property, plus if you set up a bedroom contained by your apartment as an office, you can write bad a percentage of your rent and utilities.
I'd get an attorney's warning before trying any of these.
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