Re: RENTAL INCOME & TAXES - Landlord Forum thread 172829

Re: RENTAL INCOME & TAXES by Pairofjacks (GA) on February 13, 2009 @23:58

Chances are, you would actually see a tax benefit from the mortgage interest you pay on your rental property....even though you claim rental "income", because of the tax formulas, typically you will show a "loss" once you do your taxes, which actually lowers your total tax liability.

I used to only owe my primary home...but once I started including my rental property on my tax return, my refund actually was more!

I do my own taxes on TaxActonline.com
It makes it very easy to file your own taxes.

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Re: RENTAL INCOME & TAXES by Micah on February 14, 2009 @00:09	[ Reply ]

I agree. It's not worth the risk of getting screwed by the government. Unless you have owned the place for a long time and the mortgage payments are mostly principal, you get one hell of a write-off. I don't owe a thing this year and I declared all of my rental income and did not pay any quarterly taxes!