 Bought a first house in 2004, but cannot afford it anymore, what can i do? |
| for sell for the same price or more if the market is going down hill? zif I stop pay the full montly amount, what happen, and how long take to them take the house way? What about my credit? see the ... |
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 How much do you pay for your rent or mortgage every month? |
| What % of your total income is this and what type of accomodation do you live in ?... |
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 New rules for an apartment building....PLEASE HELP!? |
| My father and a friend have recently bought an apartment building with 9 units. The people who owned it before had no rules set up, people have no leases. So I am "incharge" of comming up ... |
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 Where is a good place to move that has low property taxes and has large acres of waterfront property? |
| (10+ acres waterfront) i like boating and jetskiing so if its a lake it needs to be large (lake of the ozarks) and it needs to be waterfront.... |
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 If you are behind 1 month on rent, can the apt manager come into your house unannounced and size your things? |
| My girlfriend was not home at the time, and the apartment manager came in and took her TV, and when she paid the rent, they promised to bring it back, and now they are saying she ( a 95 pound asian ... |
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 Who's sick of people dissing people just because we would rather live in a council/housing association? |
| I live in housing association property, i work, i buy nice clothes, my house is nice inside, clean, i have a nice car, but people always put a stamp on you, just because i live in a council house ... |
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 I was approved for a home loan but need to come up with $30,000 for a down payment any ideas? |
| I DON'T HAVE THE BEST CREDIT AND DON'T KNOW A WHOLE LOT ABOUT REAL ESTATE I'M A FIRST TIME HOMEBUYER. ANY SUGGESTIONS ON HOW TO COME UP WITH THE DOWN PAYMENT. I REALLY WANT THIS HOUSE... |
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 Best way to argue with a landlord? |
i really want a dog
my parents say no becuase of hair, noise, how no one would take care of him, no space, and a landlord
i thought about this for years, silently searched dogs, and ... |
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 Would you buy this house? |
| We are thinking about buying this beautiful 1880 Victorian home. We would live in it, not rent it out. We can pay for it outright but it needs some work. It has a new roof but needs a new paint job ... |
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 In a divorce can I take my wife off my mortgage with out refinancing? |
| The curent morgage rates are at least 1.5% higher than my curent rate of 6.25%.... |
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| I live in a trailer park and somebody without notice started cutting my lawn now I owe an extra $40.... |
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 How much housing benefits am i entitled to? |
| im 18 and im 18 weeks pregnant and my house is over crowded and i need to move out before my baby is due. i was going to move into a house with somebody but that fell through. the thing is that house ... |
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 How do I fire my Real Estate agent gently? |
| I'm in the process of buying a home, and I feel that I haven't been assisted by my agent at all. I've found a new one who is willing to help me out, but I must first fire the old one. H... |
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 What do you think of Estate Agents? |
| What kind of person would you imagine they'd be?... |
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Matt P | Do you have to pay taxes on rent, even if you don't make a profit? |
If you own a duplex, and the tenants' rent covers only the mortgage, do you still have to pay taxes on the rent? |
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ஐ viena ஐ
 |
i think so. |
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newmexicorealestateforms
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You write off the interest and expenses against the ordinary income from the rents the difference is a gain or a loss to your gross income |
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Leon the african
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of course, this rent constitutes an income. tax administration doesn't care how u use them, so they see them as incomes. u should be happy that u don't have to pay ur mortgage from ur paycheck. |
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hujambo
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yes, its income... even if (-) income |
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beatricelemonade
 |
Yes.
Pay up.
I would suggest talking to an accountant first, however, to see if there can be any deductions based on your own unique personal finances. |
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emgeealex
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Of course, it's income. How hard is that to understand? Just because you use it to pay bills does not mean it's not taxable. Are you thinking? |
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sortaclarksville
|
No, you deduct your expenses from the rent. You pay tax on any profit you receive, not on just cash flow.
Rent - mortgage payment = $0 (therefore no profit).
But, you still need to include it on your tax return. Chances are since your rent only covers the mortgage, you will actually have a loss on it for the year because you will depreciate the property. When you sell the property, you will pay taxes on your capital gains from that sale, and that will depend on the basis of the property, improvements you make over the years (not repairs, but improvement - improvements are depreciated, repairs are deducted), and how much you sell it for.
For a rental property, you deduct the entire mortgage payment as an expense, not just the interest and property tax like you would on a house you owned. Because you are in a sense writing off part of the principal (since part of your mortgage payment goes to principal), you have to depreciate the property.
Don't forget that you can also write off HOA fee, garbage/cable if that is provided for the tenants, pest control, as well as any admin expense you have (stamps to mail statements to them if you send them a monthly statement or a past due bill, mileage to go check on the properties, advertising costs to get it rented,etc.)
Oh, and do not include any deposits as income. They only become income if you keep part of the deposit when they move out. Pet fees are considered income and are reported as such at the time you receive them. Deposits should be kept in an account separate from your personal account as any interest you earn on that money is considered income for you and is taxable. |
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MojosMom
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yes...rental income tax...but you can write off the mortgage interest and may be able to write off any financial losses on the rental...have a certified tax person do your income taxes, it more than likely will save you more than it'd cost |
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bull_rooster_aardvark
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No, if the expenses of the place equals the income (rent) then this is a wash there are no taxes. ie You only pay taxes on your profit.
Also, if the expenses are more than the rent you can even deduct the extra expenses off your tax return. Bear in mind that when you pay the mortgage you can only count the portion of the mortgage payment that went towards interest as an expense. The portion that paid down the mortgage is repayment of a debt.
Also you can include other expenses (including depreciation of the property) in your calculation of total expenses. |
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Dragonfly
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Yes... since you hold the mortgage you get to pay the taxes on the rent you collect with the IRS and also property tax if you are in a state that assesses taxes based on property value! But then again you can write off your interest on your IRS taxes... it's the perks of ownership :) |
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TheIrishGeek
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Well, the mortgage is your debt, so if someone else pays your debt, yes, it's taxable income.
You can deduct mortgage interest (probably half) and similar... make sure you fill out the Schedule E, it's all there.
======================================...
My salary only covers my mortgage, so I don't have to pay taxes on that, either, right? ;-) |
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tamarack58
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Yes, This is considered income. You can't claim a loss if it's less then the mortgage. Mortgages and rents are two completly different items tax wise and one has nothing to do with the other. |
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Einstein
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in my country you dont have to pay taxes if you rent... |
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JO
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No there is no such thing |
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