Is my house rental on my house will be reported as an income on my federal income tax return?

0 ⤊

Is my house rental on my house will be reported as an income on my federal income tax return?

I rented out my house in Las Vegas and renting a house here in San Diego where I work.

2007-02-04 07:33:55 · 3 answers · asked by Eduwin 1 in Business & Finance ➔ Renting & Real Estate

3 answers

It's passive income and is reported . Don't forget to save all your expense receipts for tax deductions.you only pay income tax , not social security tax.You can even depreciate the cost basis of the house.

2007-02-04 08:10:41 · answer #1 · answered by jassy 3 · 0⤊ 0⤋

I think you're saying you have two houses that you're renting out. And yes, that income is taxable and needs to be reported as income when you file.

2007-02-04 15:46:29 · answer #2 · answered by Χαλαρά 7 · 0⤊ 0⤋

It's called passive income. Yes you must claim it.

2007-02-04 15:50:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋