Is this a taxable event (Condo + expenses)

  • Thread starter Dennis G. Rears
  • Start date

D

Dennis G. Rears

I am currently the owner of a condo that is paid off. I
might go off on a Militay active duty tour NTE (Not to
exceed) 270 days. I am planning for a friend to take care
of my condo for the 9 months. She would live in the condo
and pay the utilitesand maintance fees (about $600.00
totall) but not the property taxes. Is this a taxable
event? Tis is in NJ.

dennis
 
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P

Paul A Thomas

Dennis G. Rears said:
I am currently the owner of a condo that is paid off. I
might go off on a Militay active duty tour NTE (Not to
exceed) 270 days. I am planning for a friend to take care
of my condo for the 9 months. She would live in the condo
and pay the utilitesand maintance fees (about $600.00
totall) but not the property taxes. Is this a taxable
event? Tis is in NJ.
I don't see it as such. Kind of like lending your car to a
friend that pays the fuel he uses while driving your car.
You're not in the car rental business.
 
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H

Harlan Lunsford

Dennis said:
I am currently the owner of a condo that is paid off. I
might go off on a Militay active duty tour NTE (Not to
exceed) 270 days. I am planning for a friend to take care
of my condo for the 9 months. She would live in the condo
and pay the utilitesand maintance fees (about $600.00
totall) but not the property taxes. Is this a taxable
event? Tis is in NJ.
Nope.

We just call it "sharing the expenses."

Cheer$,
Harlan Lunsford, EA n LA
 

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