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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 41 - Public Contracts and Property Management |
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Subtitle F - Federal Travel Regulation System |
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Chapter 302 - Relocation Allowances |
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SubChapter B - Relocation Allowances |
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Part 302-3 - Relocation Allowance by Specific Type |
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Subpart E - Employee's Temporary Change Of Station |
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Expenses Paid During Assignment |
§ 302-3.421 - What are the income tax consequences if my agency pays for property management services?
Latest version.
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§ 302-3.421 What are the income tax consequences if my agency pays for property management services?
When your agency pays for property management services:
(a) You will be taxed on the amount of property management expenses your agency pays, whether it reimburses you directly for your expenses or pays a relocation services company to manage your residence; and
(b) Your agency will pay you a relocation income tax allowance under part 302-17 of this chapter for substantially all of the additional Federal, State and local income taxes you incur on the expenses your agency pays.
Note to § 302-3.421:You may wish to consult with a tax advisor to determine whether you will incur any additional tax liability, unrelated to your agency's payment of your property management expenses, as a result of maintaining your residence as a rental property.