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Challenges for Monetary Policy Part 2 of 14 |
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Last Updated ( Saturday, 03 January 2009 )
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| on January 03, 2009 03:28 PM |
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History footnotes Girards Bank Learn to Trade Markets as the key financial backer of the U.S. during the War of 1812. According to one estimate, the value of Girard's net worth at his death in 1831 was roughly $2 trillion in todays dollars. Imagine: Girard made Warren Buffett look like a piker! He and his bank were so financially solid that the saying In Girard we trust was later morphed into the Girard Trust Company.
It was Girard Trust that took an interest in me in 1963 and gave my family the means to send me far from home to a New Jersey boarding school. I never quite learned why they treated me so kindly, but I do remember my father saying that Girard had a soft spot for wayward boys from challenged backgrounds who mightjust mighthave some potential for salvation. I would never have accumulated all those honors mentioned in President Plossers introduction, nor would I have had the good life I have enjoyed, nor would I be addressing you today as a Federal Reserve Bank president, had it not been for Girard Trust.
So I slept well last night in the bosom of that solid old building that
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Rental Income and Expenses Part 3 of 4 |
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Last Updated ( Friday, 02 January 2009 )
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| on January 02, 2009 12:00 PM |
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Expenses Paid by Tenant
If your tenant pays any of your expenses, the payments are rental income. You must include them in your income. You can deduct the expenses if they are deductible rental expenses. See Rental Expenses in Publication 527, Predict Market Turning Points for more information.
Example One:
Your tenant pays the water and sewage bill for your rental property and deducts it from the normal rent payment. Under the terms of the lease, your tenant does not have to pay this bill.
Example Two:
While you are out of town, the furnace in your rental property stops working. Your tenant pays for the necessary repairs and deducts the repair bill from the rent payment. Based on the facts in each example, include 241- Forex in your rental income both the net amount of the rent payment and the amount the tenant paid for the utility bills and the repairs. You can deduct the cost of the utility bills and repairs as a rental expense.
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