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spooks
So in love!
Member since 6/06 4378 total posts
Name:
Sarah
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Those with rental income
For those who have a legal apartment either on premise or separately (have a house and an apt. in a building) - my SIL just told me how sometimes what you make on the rent is off set by reporting the income on your taxes and they may cancel each other out and you really are netting zero - is this the case?
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Posted 4/6/07 9:43 PM  |
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Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Re: Those with rental income
i dont have a rental but ive seen tax returns that people do.
you report the rent as revenues - then you can take off any expenses (if you pay electric, mortgage interest, landscaping, depreciation, etc)
depending on how many expenses you have, you can end up having a net loss, which is subtracted from your AGI.
im not sure how just reporting the income on your taxes negates anything - you are reporitng income, which increases tax liability
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| Posted 4/6/07 9:50 PM |
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MrsT
Enjoying wedded bliss.....
Member since 4/06 1323 total posts
Name:
Katrina
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Re: Those with rental income
Posted by spooks
For those who have a legal apartment either on premise or separately (have a house and an apt. in a building) - my SIL just told me how sometimes what you make on the rent is off set by reporting the income on your taxes and they may cancel each other out and you really are netting zero - is this the case?
Yes. You claim the income but you can write off the mortgage interest, taxes, utilities, insurance, repairs, legal fees etc. against that income.
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| Posted 4/6/07 9:55 PM |
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mommy2Alex
3 babies for me :)
Member since 5/05 6683 total posts
Name:
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Re: Those with rental income
Posted by MrsT
Posted by spooks
For those who have a legal apartment either on premise or separately (have a house and an apt. in a building) - my SIL just told me how sometimes what you make on the rent is off set by reporting the income on your taxes and they may cancel each other out and you really are netting zero - is this the case?
Yes. You claim the income but you can write off the mortgage interest, taxes, utilities, insurance, repairs, legal fees etc. against that income.
Yes, this is true but once you make over a certain income level you can only claim so much of a loss. We renovated our apartment this year and had a loss of over $8000 but could only claim $900.
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| Posted 4/7/07 9:16 AM |
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