if my only income is rent money, do i file taxes? I pay property tax ,and i spent alot of money fixing the house up. new roof, new furnace and other mandatory repairs. I live in new york
2007-03-20 08:48:00 · 5 answers · asked by mzswales 2 in Business & Finance ➔ Taxes ➔ United States
If you have unearned income in excess of $850 you must file a tax return. Rental income is considered unearned income.
Unless you are renting out some EXTREMELY cheap apartments you have far more than $850 in gross rent receipts for the year and therefore must file a tax return.
2007-03-20 09:08:58 · answer #1 · answered by Bostonian In MO 7 · 1⤊ 0⤋
Yes, you are always suppose to file taxes when you get any kind of income. Plus you could write off the expenses that you did on the house.
2007-03-20 16:11:43 · answer #2 · answered by Lost in a Relationship 2 · 0⤊ 0⤋
Ask your local tax preparer, you might be able to get credits for the money you spent on your property but you still have to pay taxes if you made a profit.
2007-03-20 15:59:40 · answer #3 · answered by tkron31 6 · 0⤊ 1⤋
Yup. Income is income as long as you made the minimum; might be able to get some of the other things back
2007-03-20 15:52:12 · answer #4 · answered by wizjp 7 · 1⤊ 0⤋
yes...even immigrants should file it makes it look good do not want to mess with the irs..every income should be reported....unless is cash...if ou know what i mean but you have a lot of expentitures i think you will be benefit...than owe more...talk to some accountant....or CPA..
2007-03-20 15:57:26 · answer #5 · answered by mommy2be 2 · 0⤊ 2⤋