![]() ![]() When you rent out a house or condo, taxes can be a headache.Īfter buying a condo and living in it for several years, Sue meets Steve, marries him and moves into his house. You can deduct ordinary and necessary expenses you incur to place our rental property in service, manage it and maintain it, even if the property is temporarily vacant.However, deposits for the last month's rent are taxable when you receive them. If you plan to return security deposits to your tenants, you don’t have to report them as rental income. ![]() You’re generally required to report your rental income on the return for the year you actually receive it, even if it’s credited to your tenant for a different year. ![]()
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