does your income affect the answer
2007-10-21 13:32:10 · 5 answers · asked by korax777 2 in Business & Finance ➔ Taxes ➔ United States
The deductions mentioned in the other answers are fine. These deductions are listed on Schedule E.
http://www.irs.gov/pub/irs-pdf/f1040se.pdf
Especially for a newly purchased property, it is common for Schedule E to show a loss. When you have a loss on Schedule E, your other income and the type of that income affects how much of the loss you get to take.
Basically, if your only passive income is your rental income, and if your AGI is $100,000 or less, you can usually take losses up to $25,000. The deduction phases out and is eliminated when your income exceeds $150,000.
If you have other passive income, you can always offset your rental loss with other passive income.
More details here:
http://www.irs.gov/instructions/i1040se/ar01.html#d0e100
2007-10-21 13:59:31 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
Pretty much anything "ordinary and reasonable" incurred to operate the rental(s.) Of course there could be "at risk" limitations, meaning that you need to participate materially in the management of the property and that the expenses actually come out of your pocket.
Commonly, these include depreciation, interest on indebtedness, car and truck, travel, repairs and maintenance, property and excise taxes, insurance, management and listing fees, supplies, home office, utilities, etc. Your income doesn't really directly affect the deductions, but you could be susceptible to the althernative minimum tax, which might.
2007-10-21 13:47:13 · answer #2 · answered by Scott K 7 · 0⤊ 0⤋
Sue the owner and property management company in Small Claims Court. If you win and they don't pay, you may deduct the bad debt as a short-term capital loss on your income tax return.
2016-05-24 02:01:52 · answer #3 · answered by ? 3 · 0⤊ 0⤋
all reasonable, ordinary, and normal expenses, plus those specified in the tax code.
your income does not affect the answers.
excessive losses, however, might lead the taxing authority to conclude that you aren't really in business. there also may be limits on the deductibility of passive activity losses from your other income that apply.
2007-10-21 13:38:26 · answer #4 · answered by Spock (rhp) 7 · 1⤊ 2⤋
I'm not sure what state your in but i claim every year:
Utilities, advertising, appliances, repairs, cleaning supplies, tools, landscaping,office supplies, taxes, insurance, interest. I think that is it..
2007-10-21 13:40:07 · answer #5 · answered by Y26 2 · 1⤊ 0⤋