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Back in September we recived a letter saying Tax Credits owed us £599.67
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My new salary will be £26,000.
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Can they reverse it if i call them. I want my stimulus payment and my dad f'ed me over
Additional Details
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Additional Details
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Didgeridude | If I rent my primary residence and don't make a profit, it is a wash from a tax standpoint? |
I rented it for a few months for less than my mortgage payment. Seems like the tax accounting is profoundly complicated (depreciation, prorating of expenses and taxes, etc.) for not making any money. Can't I just call it a wash and not report it? |
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Tax Lady
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From your question, it appears that you did not convert your primary residence to a rental, you just rented it out for a few months. All the complicated stuff about depreciation, taxes, and prorating expenses is not applicable.
Report the rental income on Line 21 Other Income on your 1040. (By the way, fourteen days of rental income is tax free.) Take your usual mortgage interest and real estate tax deductions on Schedule A. |
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ninasgramma
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You need to report it. If your rental was not for profit, you can:
1. Report the rent received on Line 21 of Form 1040 as "Not for profit rent".
2. Itemize your deductions on Schedule A. You can deduct your mortgage interest and real estate taxes as usual. However, if the mortgage interest and taxes for the period of rental is more than the rent received, reduce these amounts so that you are not deducting more than the rent received. Disregard the part of your mortgage payment that was not interest or real estate taxes. Keep your computations should your return be examined.
By doing as above, you have a "wash," will not owe any additional tax, and avoid unnecessary complications from treating this as a for-profit rental. |
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travelguruette
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You still have to report it. The person you rented to may claim the renters credit. I recommend seeing a tax expert. |
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Honeybee
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Depending on your state & city, there may be a sales tax on residential rental - even for a few months. If so, the tax liability is on the gross amount you received in rent, not on the net profit. |
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xtraheavy01
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No. You are confusing cash flow with tax loss.
So you have to report yearly
Rental income
Mortgage interest
real estate taxes
Repairs
Utilities
Depreciation
Not complicated. So if you did not rent it for the whole year then you split the interest and taxes between the Schedule E and Schedule A
The loss may be used as an offset against wages and other income.
Net effect may be more money in your pocket from IRS and state.
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agcprinting
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Its not a wash because you deduct your mortgage interest when you file your taxes. But for those few months, someone else paid it, so you arent eligible to deduct. |
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Mike
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This can be a complicated explanation, but but I will keep it as simple as possible. Any income you receive is taxable (reportable). If you were paid rental income, it is no different. Profit, or lack thereof, makes no difference as to if it is reportable.
In addition to reporting the income, there's a whole lot of other issues to deal with as you alluded to in your question.
My advice is to get more help from someone who knows the business if you will continue to rent, but if it wsa just a month or two you rented it out, just report the income and don't worry about all of the other stuff. You can email me if you would like, and we can discuss further. Good luck! |
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wartz
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You will have to report it because you will get a 1099 for the sale price. You won't have any profit. |
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