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Is Rental Income Taxable?

April 26, 2017income rental taxable

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Is Rental Income Taxable?

3 Answers

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Yes, rental income is taxable, but that doesn’t mean everything you collect from your tenants is taxable. You’re allowed to reduce your rental income by subtracting expenses that you incur to get your property ready to rent and then to maintain it as a rental. You report rental income and expenses on Schedule E, Supplemental Income and Loss.

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Yes, rental income is taxable, but that doesn’t mean everything you collect from your tenants is taxable. You’re allowed to reduce your rental income by subtracting expenses that you incur to get your property ready to rent, and then to maintain it as a rental. You report rental income and expenses on Schedule E, Supplemental Income and Loss.

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… rules limit your ability to offset other types of income with net passive losses. … NOTE: Please contact us right away if you’d like to make any changes to your listing.