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re: Could you help me understand taxes and my rental property?
Posted on 3/11/16 at 10:11 pm to StringedInstruments
Posted on 3/11/16 at 10:11 pm to StringedInstruments
quote:
Something isn't adding up for me. I thought this rental property was generating a loss for you. If that's the case you definitely should not be paying more in taxes. If anything, your tax liability could be reduced depending on other factors.
This. Can you preview your Sch. E in TurboTax? What are you reporting on line 3 (rents received), line 18 (depreciation), and line 20 (total expenses). Let's start there, but more information may be needed.
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