is there any grants or tax right offs for owning a house and renting it out to students?

greferr: is there any grants or tax right offs for owning a house and renting it out to students?
I’m doing a make believe project where im building a new orleans style shotgun house for students near a school, i am trying to be as professional as possible but i do not know any official tax information i can include into my portfolio

Answers and Views:

Answer by tro
no

Answer by garyg7
No grants.

No write offs (not right off) either other than those allowed for renting to anybody else.

The expenses deductible against rental income include:

taxes
interest on loans secured by the property
utilities (gas, electric, etc.)
water
trash collection (if not part of city-provided services)
dues to homeowner’s association
management fees to a company handling rent collection, screening of applicants, telephone service for emergencies, etc.
repairs
yard maintenance
transportation (usually car mileage) to visit the property, meet with tenants, etc.

You capitalize and depreciate over set time periods the house itself, and any improvements to the building (hot water heater, furnace), furniture (including appliances like the refrigerator, oven, etc.)

Not deductible or capitalized:
late fees on taxes
The cost of the owner’s time

You can read more in IRS Publication 527 https://www.irs.gov/pub/irs-pdf/p527.pdf

A person would put the income and expenses on page 1 of Schedule E of their tax return https://www.irs.gov/pub/irs-pdf/f1040se.pdf

Instructions for Schedule E: https://www.irs.gov/pub/irs-pdf/i1040se.pdf

I hope this helps.
Gary

Answer by hrblockerrolquinn
Dear G: For a possible grant contact the school or local development commission as there maybe some assistance. You may also qualify for mortgage assistance.

The tax write offs are many as with any rental property. Depreciation, mortgage interest, real estate taxes, repairs, management fees, utilities, cleaning fees, yard work and on and on. Look at www.irs.gov and the instructions to Sch E for more info.

Great project.

This advice was prepared based on our understanding of the tax in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent

Answer by Brandon
scholarships.onlinewebshop.net – it provides some tips about applying to US federal and state grants for college students.