which tax forms do I use in this case? Thanks
2007-11-21 02:18:51 · 6 answers · asked by bigwil 1 in Business & Finance ➔ Taxes ➔ United States
Yes, you are required to report your income or loss on the rental property. Attach Schedule E to your Form 1040.
You can deduct your operating expenses that you paid for the property, real estate taxes, and depreciation on the building and on the furnishings or appliances you have purchased.
Often the expenses are more than the income on a recently purchased rental property. Depending on your other income, you may be able to deduct this loss against your other income.
It would be a good idea to have a professional do this return for you at least the first year.
2007-11-21 03:00:44 · answer #1 · answered by ninasgramma 7 · 1⤊ 0⤋
From what i've got study on the internet it is a rip-off besides the undeniable fact that it could additionally be a win win for the customer and the supplier. The devil is in the main important factors. A hire to very own is comprehensive by an option. the alternative is your suitable to purchase the domicile. There are 2 categories of option contracts - hire option and hire purchase. A hire option contract is largely a fancy apartment contract. on the top of the contract (regularly a twelve months) you have the choice to purchase the domicile. generally the hire is inflated to conceal the fee of the alternative. in case you be sure to purchase the domicile on the top of the term the extra funds is going in the direction of the fee of the domicile. A hire purchase contract is an identical yet has a defined contract date on the top of the hire era. In different words you will possibly desire to purchase the domicile. A hire option does not require you to purchase the domicile. In the two circumstances the supplier has to sell you the domicile. remember, you paid for the alternative. the severe high quality subject is you are able to negotiate the term from everywhere from 2-3 years. that's numerous time to repair your credits and pay the domicile down. Robinson Taylor residences provides an extremely clean decrease occasion of ways the hire option can artwork. locate a good Realtor to artwork with to be sure you're secure.
2016-11-12 07:31:53 · answer #2 · answered by goerdt 4 · 0⤊ 0⤋
Yes, you report income and expenses for rental property on schedule E.
2007-11-21 02:39:34 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
rental income is definitely taxable. See the IRS website for forms.
2007-11-21 02:20:57 · answer #4 · answered by Anonymous · 3⤊ 0⤋
Yes but you can also count the depreciation on your tax return. So you may get income from it but you can also deduct the depreciation too.
2007-11-21 02:22:50 · answer #5 · answered by Anonymous · 0⤊ 0⤋
Use schedule E.
2007-11-21 02:23:59 · answer #6 · answered by r_kav 4 · 2⤊ 0⤋