Laws, or mostly the paperwork are insane in Ny.
I’m fighting an assessment. Have an non income producing apartment. Lawyer tells me to write in a rent income from that apartment. Isn’t that lying? Isn’t that saying I make more than I actually do? Then the way numbers are calculated, it makes it seem like there’s a HUGE profit.
There was talk some years ago about our government calculating imputed income from all applicable taxpayers. In a nutshell, I’d you owned a vacation property and selfishly used it yourself some or all of the time, nit renting it out for going market rate income, the govt. Would tax you anyway, as if you did rent it out. You would owe. If you didn’t pay they would take it from you and sell it to their friends who would rent UT. Straight out of Doctor Zhivago.
can you write in a negative number based on a realistic appraisal of loss based on what you are not getting from that apartment?