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re: Could you help me understand taxes and my rental property?
Posted on 3/11/16 at 1:29 pm to AUjim
Posted on 3/11/16 at 1:29 pm to AUjim
quote:
I'm in a very, very similar boat. Essentially zero cash flow, but don't let everyone tell you this is a terrible idea necessarily. It all depends on the specific area and your situation.
This has been my thinking for a while, but I think I'm going to sell. It was one thing to have my rental property HELP my tax return last year. This year, I had to pay $300 to the feds and $150 to the state, and I was getting money until I entered in my rental income. My family just can't handle surprises right now unfortunately.
My house is in the Alabaster, AL area, which has seen housing prices rise significantly since they decided to form their own school system. I was hoping to ride it out for a few more years to see how high the property value could get, but I guess if I can break even, that would be a whole lot better than losing $1400 (plus repairs and pest control and the home warranty monthly payment) a year.
1
Posted on 3/11/16 at 3:59 pm to StringedInstruments
quote:
It was one thing to have my rental property HELP my tax return last year. This year, I had to pay $300 to the feds and $150 to the state, and I was getting money until I entered in my rental income. My family just can't handle surprises right now unfortunately.
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.
You should hire a CPA.
This post was edited on 3/11/16 at 3:59 pm
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