2007-02-02 01:24:31 · 7 answers · asked by Thomas H 1 in Business & Finance ➔ Taxes ➔ United States
yes.
2007-02-02 01:27:21 · answer #1 · answered by Dean 3 · 0⤊ 0⤋
You figure your income from rental property using Schedule E of Form 1040. You are allowed to take deductions for the cost of producing the rental income. You also take a deduction for the cost of the property itself, over 27.5 years.
Only the net income after expenses is included in your taxable income. If you have a loss rather than income, you can take the loss and reduce your other income.
You pay income taxes on this net income, but not social security or medicare taxes.
2007-02-02 01:30:56 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
Rental incomes are declared to the IRS as taxable income, yes, you have to report your rental income.
2007-02-02 01:29:04 · answer #3 · answered by Anonymous · 1⤊ 0⤋
yes, you would report rental income and any expenses you had relating to that property on Form 1040, Schedule E.
you can deduct expenses like interest, repairs, maintenance, etc.
2007-02-02 01:31:09 · answer #4 · answered by tma 6 · 0⤊ 0⤋
Yes. You would claim it in on Schedule E.
2007-02-02 01:32:19 · answer #5 · answered by RoRo 3 · 0⤊ 0⤋
absolutely
2007-02-02 08:40:04 · answer #6 · answered by whymewhynow 5 · 0⤊ 0⤋
DUH! You charge people all year long and make money off of them for living there! It is an income.
2007-02-02 01:34:06 · answer #7 · answered by Shari 5 · 0⤊ 1⤋