What is the name of your state (only U.S. law)? PA
I have 1 rental property I've had for 10 years or so. Over the past 12 months I have had a loss of $11k (house was sitting on the market for 4 months as well as 1900 in damages when the old tenants moved out and the fridge, stove and dishwasher went out feb-apr). Average rent is 2500 but i was only able to get 2400 mortgage is 2600 per month. i have a loss of $400-$500 a month if no repairs are needed (i pay for lawn services but only 7-8 months out of the year), as well as a management company. I had to relocate so i am no longer able to watch over the house.
The current split is 65% me 35% her. When the current % was done we both made mention of the rental income as well as the mortgage payment showing a loss. My losses were never deducted from my gross income. i have gone over chapter 1910 and have not found anything regarding a loss. I have gone over PA child support guild lines and have found nothing. . Im looking for a PA law or code.
I found this "Most states have also adopted a special definition of income for the parent who has control over his or her income stream. Income from self-employment, rent, royalties, proprietorship of a business, or joint ownership of a partnership or closely held corporation includes gross receipts minus ordinary and necessary expenses required to produce such income." this seems to support my stance but does not reference a code or law
Thanks
I have 1 rental property I've had for 10 years or so. Over the past 12 months I have had a loss of $11k (house was sitting on the market for 4 months as well as 1900 in damages when the old tenants moved out and the fridge, stove and dishwasher went out feb-apr). Average rent is 2500 but i was only able to get 2400 mortgage is 2600 per month. i have a loss of $400-$500 a month if no repairs are needed (i pay for lawn services but only 7-8 months out of the year), as well as a management company. I had to relocate so i am no longer able to watch over the house.
The current split is 65% me 35% her. When the current % was done we both made mention of the rental income as well as the mortgage payment showing a loss. My losses were never deducted from my gross income. i have gone over chapter 1910 and have not found anything regarding a loss. I have gone over PA child support guild lines and have found nothing. . Im looking for a PA law or code.
I found this "Most states have also adopted a special definition of income for the parent who has control over his or her income stream. Income from self-employment, rent, royalties, proprietorship of a business, or joint ownership of a partnership or closely held corporation includes gross receipts minus ordinary and necessary expenses required to produce such income." this seems to support my stance but does not reference a code or law
Thanks
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