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Rental income and taxes
Posted on 2/13/14 at 10:53 am
Posted on 2/13/14 at 10:53 am
can i deduct expenses (like air filters, caulk, paint, internet, etc..) from the rents recieved prior to reporting the rental income or do I have to report the full rents and do it after.
thinking its CPA time
thinking its CPA time
Posted on 2/13/14 at 10:55 am to Mr.Perfect
Income and expenses will be reported on a Sch E, with the net income/loss transferring to page 1 of the 1040.
Posted on 2/13/14 at 11:07 am to Mr.Perfect
I hired a CPA finally since I had a rental and another complex real estate deal. It was great having the peace of mind it was being done right. I used Triche- lesuire and they seem to do well.
Posted on 2/13/14 at 12:06 pm to Mr.Perfect
You should report the gross rents received on Sch. E on the line for rent received, and all of the expenses on the appropriate lines for the type of expense. The net rental income/(loss) determined on Sch. E will be reported on the appropriate line of Form 1040.
Posted on 2/13/14 at 12:12 pm to Poodlebrain
Buy Lasser's Income Tax Guide.
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