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budvol
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Duplex rent income? post #1  quote:



I am buying a Duplex the pmt will be 741.00 i will rent tho other side out for 525.00.

Do I pay income tax on that 535.00 or 6300.00 year, since my pmt on the Duplex is higher at 741.00?


Old Post 09-16-2004 01:34 AM
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Ken NJ
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post #2  quote:

Simple answer YES. Read Publication 527 < -- Just Click Here

But you get portions of the mortgage interests, taxes, insurances and other expenses too. If you're fortunate to come out with a net rental loss bigger than MITI (mortgage interest, taxes and insurances etc,) you might get some additional offsetting deductions depending on your computed gross income along with other income (If you don't have much other income).

Table of Contents Click Above To Read Below Topics

Rental Income
Rental Expenses
Repairs and Improvements
Other Expenses
Condominiums and Cooperatives
Not Rented for Profit
Property Changed to Rental Use
Renting Part of Property
Personal Use of Dwelling Unit (Including Vacation Home)
Dwelling Unit Used as Home
Figuring Days of Personal Use
How To Divide Expenses
How To Figure Rental Income and Deductions
Depreciation
Filing an amended return.
Changing your accounting method.

Special Depreciation Allowance
MACRS
MACRS Depreciation Under GDS
Optional Tables
MACRS Depreciation Under ADS
Casualties and Thefts
Limits on Rental Losses
At-Risk Rules
Passive Activity Limits
How To Report Rental Income and Expenses
Schedule E (Form 1040)
How To Get Tax Help


Old Post 09-22-2004 12:53 AM
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