2006-08-18 13:40:08 · 8 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Yes, but it's amazing what you can deduct first. Much more is deductible there than for owner occupied property. Expenses, depreciation, all of the interest and property taxes from the first dollar. Talk to your tax person.
2006-08-18 14:45:44 · answer #1 · answered by Searchlight Crusade 5 · 0⤊ 0⤋
You know the IRS will always get their money! You do have to pay taxes on income made from rental property. It is just depends on what you owe on the property and of course if the property stays occupied the entire tax year. There are loopholes to any tax law. If the property is vacant for half the year for exsample then the property is a loss instead of a gain. Just depends on your state.
2006-08-19 08:21:54 · answer #2 · answered by Bobbie M 3 · 0⤊ 0⤋
Anything over $200 (I think) is taxable. Check with the IRS.
2006-08-18 20:45:31 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Yes, of course it is. It's income, isn't it? Keep in mind that the costs of maintaining the property, etc. will offset it, just like in any business.
2006-08-18 21:00:15 · answer #4 · answered by I'm_Bored 4 · 0⤊ 0⤋
Yes, it is reported as IRS 1099 box 01.
See IRS Publication 527.
2006-08-18 20:45:46 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Yes it is. Just make sure you deduct all the expenses associated with your property first.
2006-08-19 16:40:51 · answer #6 · answered by WJW 2 · 0⤊ 0⤋
Maybe
2006-08-18 20:47:22 · answer #7 · answered by Anry 7 · 0⤊ 0⤋
I would think logically, yes.
2006-08-18 20:44:55 · answer #8 · answered by Rj 3 · 0⤊ 0⤋