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The legal and tax ramifications of a rental property

November 18th, 2008 at 03:37 am

That is the topic I have chosen to write my tax paper on.

My only problem is, aside from referencing the U.S. code and tax law - what other sources should I use (other than my text)?

This is my first tax/legal paper that I've ever had to write and its supposed to cover a topic of interest to business entities or those interested in entering into a business.

I tend to do better writing about what is near and dear to my heart. So, since I have a rental property - I've decided to write about that.

I figure I could cover the different types of ownerships and their advantages & disadvantages regarding liabilities and taxation. Then go into the different tax classifications to consider.

This needs to be 18-20 pages, so I'm hoping to find 18-20 things to discuss and do around a page on each topic.

I don't know though.

I'm in the final stretch of the semester. I got a 98 on my Midterm so I need to do the paper in order to KEEP my 'A', if I don't do it I get a 'B'.

I'm struggling in my International Accounting class... there is something so foreign about derivatives and hedging to me. But I'm studying and have a little less than a month before the final, so hopefully I'll ace it.

I have 3 weeks to do 2 finals (one take home final) and a 20 page paper.

Next semester I have to take 3 classes. I'm not excited about it, but I'd rather endure 3 1/2 months of being a bookworm than the alternative if I don't have my master's degree and DH has to move before I'm done.

After the May things should get much more relaxed. I only have to take 1 more class during the summer and 2 in the Fall and this time next year I'll be getting ready to graduate with my M.S. in Accounting.

2 Responses to “The legal and tax ramifications of a rental property”

  1. CouponAddict Says:
    1227019064

    When your done with the paper, that would be a great 18 or 20 part blog entry.

    Atleast I would be interested in reading it.

  2. Apprentice Fun-Frugalist Says:
    1227055650

    MS in Accounting, a hubbie, four children AND a career in your twenties..... you are Wonderwoman !! Congrats...your energy amazes me...

    On the legal side of the paper... (I don't know how much you will focus on the legal side as you're studying Accounting)... you could talk about:

    Legal duties of Landlord - upkeep etc...how some of these expenses can be written off against rental income.

    How Landlord's responsibilities have changed over times - since Common Law days to todays regulations.

    What happens if a squatter breaks into an empty property and is injured ? Is there such a thing as Squatters Rights - like in Britain - if a person squats in a vacant property for 12 years... they actually own it after the 12 years...

    These are just off the top of my head.... Good Luck !! I'm sure you'll ace it !!

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