what will happen when i file for tax return on this investment
2006-12-06 12:54:32 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
due to overwhelming repairs
2006-12-06 13:15:16 · update #1
Pay the property taxes so the government cant put a lein on your property and then evict them if they cant pay whats contracted in the agreement.
It is ultimately your responsibility to pay the taxes since you own the property. Even if its in the contract for them to pay the equivilent of the taxes, you still pay the taxes because you are the owners. You will have to take them to court and get your back rent as well as the taxes that they agreed to pay.
You will have to pay the taxes as well as report them on the tax form. If you dont, you will lose the house for non payment and also not get the tax credit when filing.
2006-12-06 13:01:57 · answer #1 · answered by billydeer_2000 4 · 1⤊ 0⤋
You are legally responsible for the taxes not the tenants, regardless... Take them to court, kick them the hell out, and do a back ground check on your next tenant, requesting to see a full year of paid rent receipts so you can see how they paid their prev landlord, You have to report what you received for income on the property, and file accordingly
2006-12-13 02:30:07 · answer #2 · answered by momof3 5 · 0⤊ 0⤋
On this year's tax return, you won't get to deduct the property taxes, since you haven't paid them. Other than that, nothing will happen to you in regard to your tax return.
If you don't pay your property taxes, eventually the property will be sold by the local taxing authority, so don't let it go too long.
2006-12-06 13:54:01 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Your question is a little confusing
You're having tenant problems and you haven't paid your property taxes this year?
Can't help you with your tenant problem since you aren't very clear.
Property taxes are up to you to pay, not your tenants..........
2006-12-06 13:03:52 · answer #4 · answered by mom of a boy and girl 5 · 0⤊ 0⤋
If you owe taxes on this property and you file taxes any return you get back will go on those taxes
2006-12-12 05:13:20 · answer #5 · answered by amber_myers16 1 · 0⤊ 0⤋