My only house in Las Vegas is rented out, is it income even I am renting a place to live here in San Diego?

Question

I am paying more rent to my place here in San Diego than the rent that I am recieving from my house in Las Vegas.

Answer 1

Renting out your house is an income producing occupation and must be claimed on your taxes.

The rent you pay is not tax deductible so it really doesn't matter if you pay more, or less, than your house gets in rent.

Two totally seperate issues. Consult a CPA for tax filing, you have issues like depreciation and actual expenses with receipts to deal with.

Good luck

Answer 2

You income from the Las Vegas house can be minimized by deducting as many expenses as you can possible find.

On an income property, you can deduct the mortgage, insurance, utilities that you pay, maintenance, upgrades, property management fees....in short, every penny you put into it.

Unless you're getting fairly high rent and bought it a long time ago, you should be able to zero out the income and maybe even generate a loss.

Your rental in San Diego has nothing to do with it.

Answer 3

Rental income is taxable. The income you get from the place you rent out in Las Vegas has nothing to do with your rent/mortgage payment in San Diego.

For further answers to tax questions about rental income, please call 1-800-829-1040 or do a search for that topic to get the correct tax form/instructions/publication by going to: www.irs.gov

Answer 4

You have to claim the rental income on schedule E of the form 1040. You can also claim expenses up to the amount of the income and deduct the mortgage interest. Unfortunately, you cannot claim an operating loss on rental property since its passive income but you can offset the income by writing off expenses. Good luck..

Answer 5

Defer to your CPA on this one, but if your rental property is cash flowing (the rent pays the mortgage and you have some left over), then the net difference could be considered income. It is a profit or loss center all by itself. The good news is you get to deduct the interest.

Answer 6

I doubt they have many low income housing classes in Las Vegas. yet, bases on what you assert, they gained't make adequate funds to qualify for one besides.they ought to fulfill the skills of a particular annual income in the previous they can get housing assistance. they favor to the contact the city or county of Las Vegas and spot what low income classes they have. each and every state is diverse. there is authorities funds and state funds to help low income human beings. it truly is why they favor to the contact the acceptable authorities. I truly desire and pray they are able to searching housing.

Answer 7

it is considered rental income despite your higher rent expense in san diego.