Legal Question in Real Estate Law in Virginia
Buying and Renting
I am thinking of buying a house and renting out the extra bedrooms, while also being a resident of the house. What tax laws should I be aware of and are there ways to avoid these?
1 Answer from Attorneys
Re: Buying and Renting
What kind of tax laws, local, state or federal? Other than reporting on your state and federal tax returns any rental incomes which you might receive from this enterprise, I know of no other tax laws which might be implicated in your proposed venture as a landlord. (You may, however, before embarking on this enterprise, want to review your local zoning laws as to how many unrelated persons are permitted to occupy at any one time a single family home in the particular jurisdiction in which you're located. Each locality can have different rules on this particular issue.)
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