- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Could you help me understand taxes and my rental property?
Posted on 3/11/16 at 10:09 am to StringedInstruments
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.
1
Posted on 3/11/16 at 10:14 am to Oenophile Brah
quote:
Did you deduct mortgage interest?
Yes.
quote:
Is the property completed it's depreciation schedule?
I don't think so. When I used Turbo Tax Premiere last year, it had me enter in a bunch of information. This year, it said it wanted to transfer info from last year's return, and I allowed it too. Then I answered the questions it provided. I never had to enter anything about depreciation.
quote:
With the ratio of 1250 in and 1120 out, you should be operating at a considerable loss.
Is there a way to deduct the loss? Will this be something that's considered with capital gains when I sell the house?
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News