Expert Advice When You Need It Most

What are the tax benefits of renting out my Chicago condo if I'm now living in another state?

Asked over 2 years ago - Chicago, IL

Is there a homeowners exemption even if I'm renting that home? Are there specific state and federal tax benefits to being a landlord? What if the condo is not rented for several months and therefore I'm paying both the mortgage and additional living expenses in the other state?

Flag

Save

Share with:

Attorney answers (1)

Andrew Pavlinski

Reputation Level 12

Answered over 2 years ago. Foreclosure Attorney in Chicago, IL.

Flag

You may be able to claim a number of exemptions for the property, but because this is not now your primary residence there are also some pitfalls. You can also rent out the property and claim a number of other tax benefits related to advertising and repairs. These are fact specific and it would be in your best interest to consult an attorney to discuss the details of your situation.

This response is informational only and not legal advice. Further, this response does not establish an attorney client relationship.

Pavlinski & Associates PC

Mark as good answer

Add comment