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re: Could you help me understand taxes and my rental property?
Posted on 3/11/16 at 3:59 pm to StringedInstruments
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
1
Posted on 3/11/16 at 6:39 pm to OMapologist
I'm not a cpa but I own 3 rentals. My basic understanding is you should be depreciating the property on a 27.5 year scale for the house value not including the land. Let's say the land is worth $20k? $159,000/ 27.5 = $5,781 a year in depreciation.
If you were making about $800/ month then your taxes are about right. That's $9600- $5780, so about $3000 in income which explains what you owed.
If you were making about $800/ month then your taxes are about right. That's $9600- $5780, so about $3000 in income which explains what you owed.
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