Do you have any links to the documents that state you need to pay fair market value? I rent a place from my brother and I've been researching this a fair bit and the IRS documents that I can find use words to this affect " paying a reasonable amount" . Or it just states you are required to duplicate expenses? what is the definition of duplicating expenses they also don't have that anywhere? the lines seem to be very blured
So if I am working a block schedule and going home for my days off and say the per diem is $1200 for area the contract is in, I have to be able to prove I am paying that much?
Let’s say I’m renting a room at my mom’s in Bakersfield, CA, and my assignment is also in CA, in San Jose. I would still need to be duplicating my expenses right? REGARDLESS of me being in the same state. I will be renting a room in San Jose! My plan is to pay the fair market value for a room rental in Bakersfield. And pay about $2500 a month for a room in SJ. Albeit, my stipends are all maxed out in SJ. Would this be enough to demonstrate that I am duplicating my expenses?
Duplicating expenses is just one of three requirements to qualify for tax free stipends. Sounds like you likely meet the duplicating requirement but I would need to know more to say you meet the other 2 requirements
What if I legit own two homes in the same state but 100 miles apart? Could I stay at my second home and count that as duplicating expense? I am in fact paying two mortgages in my name
I planned on living in a van while I am traveling. If I am paying rent back home but living in a van when I travel would I be able to get the stipends or no?
The cost or the loan payment of your van is not considered “duplicating expenses” but if you rent a campsite or area to park your van while on contract then that is considered duplicating expenses. Does this make sense?
So what if several people share an apartment as an example, find a place together, and split the rent and utilities evenly? The total amount is obviously fair market value, but its diminished with roommates. Wouldn't this be a case of duplicating expenses? My wife is about to begin her first assignment and im making sure i understand correctly.
I’m not a tax expert. But my understand is as long as you are paying a fair amount for what you are renting it is considered fair market value. For example if you are renting one bedroom in a 5 bedroom house depending on the location and rent market in that area it could be really cheap.
If I live in a house and am paying for bills and property taxes. To clarify I am not paying for rent or a mortgage. And then I do travel nursing to a different state and pay rent at fair market value there while continuing to pay for bills from my house, does this count as duplicating expenses?
Do you recommend just paying rent in parents' house during the time collecting the stipends? Does IRS want to see youve been paying for a few years time?
There are are 3 requirements to qualifying for tax free stipends. Paying rent at your parents’ house more related to the “maintaining a tax home” requirement. Check out that video.
I see a lot of specific questions in here regarding taxes.... ask a CPA in your state. You're all making a lot of money by travel nursing. Save what you can legally. Don't ask someone on youtube.
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Do you have any links to the documents that state you need to pay fair market value? I rent a place from my brother and I've been researching this a fair bit and the IRS documents that I can find use words to this affect " paying a reasonable amount" . Or it just states you are required to duplicate expenses? what is the definition of duplicating expenses they also don't have that anywhere? the lines seem to be very blured
The document is the IRS tax code. Just google it
So if I am working a block schedule and going home for my days off and say the per diem is $1200 for area the contract is in, I have to be able to prove I am paying that much?
Hello, can you tell me all the expanse per month the travel nurse has to pay ( life cost ) please ?
Let’s say I’m renting a room at my mom’s in Bakersfield, CA, and my assignment is also in CA, in San Jose. I would still need to be duplicating my expenses right? REGARDLESS of me being in the same state. I will be renting a room in San Jose! My plan is to pay the fair market value for a room rental in Bakersfield. And pay about $2500 a month for a room in SJ.
Albeit, my stipends are all maxed out in SJ.
Would this be enough to demonstrate that I am duplicating my expenses?
Duplicating expenses is just one of three requirements to qualify for tax free stipends. Sounds like you likely meet the duplicating requirement but I would need to know more to say you meet the other 2 requirements
What if i want to live in a van how would this work?
What if I legit own two homes in the same state but 100 miles apart? Could I stay at my second home and count that as duplicating expense? I am in fact paying two mortgages in my name
I planned on living in a van while I am traveling. If I am paying rent back home but living in a van when I travel would I be able to get the stipends or no?
The cost or the loan payment of your van is not considered “duplicating expenses” but if you rent a campsite or area to park your van while on contract then that is considered duplicating expenses. Does this make sense?
So what if several people share an apartment as an example, find a place together, and split the rent and utilities evenly? The total amount is obviously fair market value, but its diminished with roommates. Wouldn't this be a case of duplicating expenses? My wife is about to begin her first assignment and im making sure i understand correctly.
I would like to add i will maintain the tax home so that is not an issue.
I’m not a tax expert. But my understand is as long as you are paying a fair amount for what you are renting it is considered fair market value. For example if you are renting one bedroom in a 5 bedroom house depending on the location and rent market in that area it could be really cheap.
If I live in a house and am paying for bills and property taxes. To clarify I am not paying for rent or a mortgage. And then I do travel nursing to a different state and pay rent at fair market value there while continuing to pay for bills from my house, does this count as duplicating expenses?
Watch video 1 to this series. It explains how to maintain a tax home
Do you recommend just paying rent in parents' house during the time collecting the stipends? Does IRS want to see youve been paying for a few years time?
There are are 3 requirements to qualifying for tax free stipends. Paying rent at your parents’ house more related to the “maintaining a tax home” requirement. Check out that video.
I know travels who change there tax home but live in the same city
I see a lot of specific questions in here regarding taxes.... ask a CPA in your state. You're all making a lot of money by travel nursing. Save what you can legally. Don't ask someone on youtube.