Tax FAQ
 

I Have A Question About Rental Tax Deductions.?

Question by H3NN!NG | Posted in United States

Underlying Facts:
I own a duplex and live in one half.
I charge $800 for rent for a compute of $9,600.
My Tax Bracket is 25% so my taxes are $2,400
With Depreciation($3,000), Interest ($3,000), Expences( $2,000), Advertising($300) etc($). I have weary well over $10,000
I make around $30,000 at my personal job

My Questions:
Can I take the overage (tax deductions) and apply it towards my personal taxes that I will owe?

I am hoping

Answer: Sweet H: A visit to the Office Manager is in order as you did not get good service. An experienced tax pro should reading the return from last year. (free)

Sch E is your form and it requires some expertise. The expenses you listed are certainly entered on Sch E, but I impossible your Depreciation number. How did you arrive at $3000? If this is your second year of rental activity you will have occasion for to follow the setup from last year or note a change. If this is a passive activity
 
 

Rental Tax Deduction?: Cutting Down Dead Trees From The Property?

Question by remoteportal | Posted in United States

I own a rental property and have three dead trees on it.

My neighbor is concerned they will fall on his house.

Can I pay a professional to cut then down (and Deo volente remove the stumps) and write this service off as a tax deduction?

Answer: Yes you can.

Continuation on your rental like this is a reasonable expense. It is no different than fixing plumbing or other faults with the property.

Related Topics:

Avoid Inheritance Tax
Real Estate Tax Law
Corporate Tax 2008

 
 

Where Can I Find Info On Tax Deductions For Rental Properties In Ontario?

Question by Lisa G | Posted in Renting & Real Estate


Answer: ontairo, ca? i don't have in mind there are any tax deductions for rental properites dood. that's heinous. totally bogus, ted.

Related Topics:

Efile Income Tax
Georgia Tax Department
Renew Car Tax

 
 

Second Home, Not Rental Property. Tax Deductions?

Question by zeke | Posted in United States

My mamma is handicapped, and bought a second home to live with me on a as needed basis. She still lives in her first-rate home a majority of the time. I as the son am not a dependent, but make the interest and property tax payments from my insulting funds. Who get the tax deduction?

 
 

Tax Deductions On Rental Property?

Question by Far from home | Posted in United States

I’m interested to know what tax deductions I can take in the following situation, if any:

I own rental property. In the past 12 months (and 2 tenants), I did not greet rent for a total of 4 months (I’ve had great luck with tenants this year!). Also, the gash is only ¾ the mortgage, so I pay ¼ of the mortgage out of pocket every month.

I know I can subtract maintenance and repairs on the home. Can I deduct proprty management fees,leasing fees, court fees for the

Answer: You don't get a withdrawal for lost rent (you don't get taxed on the money you didn't get).

You put the rent you did get on the schedule E, and then take the snooze of your valid expenses--mortgage interest (not the principal), taxes, legal fees, repairs, etc AND depreciation. It sounds like you have a wasting for the year. If your income is too high or you weren't actively participating (as suggested by those bosses fees), you defer the loss until either you have income or you

Related Topics:

Georgia Income Tax Forms
Corporate Tax Returns
Capital Gains Tax Avoid

 

Tax Deduction of the Week: Rental Properties

by Roni Deutch Tax Center

If you have a knowledgeable in assignment that you use to run your chattels command concern then you may be unmarried to insist on the dwelling charge decrease. To learn more about the tranquil section withdrawal retard out this decrease of the week entr from earlier this year. If you have to globe-trotting trips to say your rental, converge rent, or show off the mark, then you can out these expenses. You have the alternative to either take from the real expenses – which can be outstandingly salutary if you must socialize by jet plane and keep in a lodging – or take the IRS’ beau id mileage standing for any miles driven.

Source: Tax Deduction of the Week: Rental Properties

© 2011 Tax FAQ