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Started By
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Could you help me understand taxes and my rental property?
Posted on 3/11/16 at 9:38 am
Posted on 3/11/16 at 9:38 am
I don't think I'll provide enough info here for you, so whatever I'm leaving out, ask for and I'll post it some time today.
I have a rental property in Alabama, and I thought I was turning a profit until I entered in my rental income into Turbo Tax Premiere.
I received $15000 in 2015 from my tenants, and after all deductions (~$2000 for repairs, ~$1600 for insurance, ~$800 for taxes), I had to pay $1400 in taxes.
I didn't have to pay this much last year, which was my first year having the home as a rental property. I entered in depreciation information in last year's tax season, but I didn't have to enter that information in this year.
Just looking to see if this is about normal for a rental property.
My tenants pay $1250/month for rent, and my total mortgage payment (including taxes, insurance, PMI, etc) is $1120.
I have a rental property in Alabama, and I thought I was turning a profit until I entered in my rental income into Turbo Tax Premiere.
I received $15000 in 2015 from my tenants, and after all deductions (~$2000 for repairs, ~$1600 for insurance, ~$800 for taxes), I had to pay $1400 in taxes.
I didn't have to pay this much last year, which was my first year having the home as a rental property. I entered in depreciation information in last year's tax season, but I didn't have to enter that information in this year.
Just looking to see if this is about normal for a rental property.
My tenants pay $1250/month for rent, and my total mortgage payment (including taxes, insurance, PMI, etc) is $1120.
7
Posted on 3/11/16 at 9:43 am to StringedInstruments
quote:i know nothing about RE, but this seems like a terrible ratio. Unless that includes repair and such...
My tenants pay $1250/month for rent, and my total mortgage payment (including taxes, insurance, PMI, etc) is $1120.
Posted on 3/11/16 at 10:06 am to StringedInstruments
quote:
My tenants pay $1250/month for rent, and my total mortgage payment (including taxes, insurance, PMI, etc) is $1120.
How could you think you were pulling a profit with this plus $2k in repairs???
Posted on 3/11/16 at 10:09 am to StringedInstruments
quote:
I received $15000 in 2015 from my tenants, and after all deductions (~$2000 for repairs, ~$1600 for insurance, ~$800 for taxes), I had to pay $1400 in taxes.
quote:
My tenants pay $1250/month for rent, and my total mortgage payment (including taxes, insurance, PMI, etc) is $1120.
Seems like we're missing something.
Did you deduct mortgage interest? Is the property completed it's depreciation schedule?
With the ratio of 1250 in and 1120 out, you should be operating at a considerable loss.
Posted on 3/11/16 at 10:42 am to StringedInstruments
I'm a little curious about something. You seem to have a fairly large mortgage, but pay very little in insurance in taxes (IMO). Are those amounts accurate?
With a mort. payment(PITI) of $1120 and only paying $200/mo in TI leaves you with an expensive mortgage. What is the term on the mortgage?
Would a refi be worth exploring?
With a mort. payment(PITI) of $1120 and only paying $200/mo in TI leaves you with an expensive mortgage. What is the term on the mortgage?
Would a refi be worth exploring?
Posted on 3/11/16 at 10:58 am to StringedInstruments
You need to sell that property ASAP.
Posted on 3/11/16 at 12:07 pm to StringedInstruments
what was your agi? and what figure is on your schedule E?
maybe your rental loss is suspended due to agi limitations.
maybe your rental loss is suspended due to agi limitations.
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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