Tax concerns for rental property owners

Taxes: Rental Property



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The Tax Rules of Renting Your Second Home

Bankrate

Owning a vacation home can be a wonderful thing, providing you and your family a private getaway with all the comforts of home. It also could net you some extra money if you rent it when you're not there. But if you're not careful, it also could cause you some tax troubles.

How to figure tax on sale of rental property

Bankrate

"My family income from the W-2 is only $70,000 for a family of four. However, I have a rental that I kept for five years and now have a capital gain of $500,000. Please let me know whether I would have to pay capital gains tax on the rental property and how much?"

Ex-Homeowners Want to Reduce Tax Bill -- Can They?

Bankrate

Even if you don't own a home, you can reduce your income tax bill. Investing in a vacation home as a rental would give you a mortgage interest and other deductions that should be better than the standard deduction. Check out these steps.

Tax Rules on Renting Your Vacation Home

Bankrate

Owning a vacation home can be a wonderful thing, providing you and your family a private getaway with all the comforts of home. It also could net you some extra money if you rent it when you're not there. But if you're not careful, it also could cause you some tax troubles. Basically, the amount of time you personally spend at your second home determines how much tax you might owe on rent, as well as deductions you can claim against the property.

Can I Deduct Mortgage Payments for Rental?

Bankrate

"Is a mortgage for a house rental tax-deductible? I know mortgage interest is, but how about the monthly payment I make? I report the rental income as income; why not the mortgage as expense?"

Tax Deductions for Investment Property

Bankrate

"I own a house with a mortgage, but I am moving soon to another state and going to place my current residence for rent. Can I take the Modified Accelerated Cost Recovery System, or MACRS, depreciation on the full amount of the mortgage -- or just what I have paid into it?"

Tax Rules on Renting Your Vacation Home

Bankrate

Owning a vacation home can be a wonderful thing, providing you and your family a private getaway with all the comforts of home. It also could net you some extra money if you rent it when you're not there. But if you're not careful, it also could cause you some tax troubles.

Rental Expenses You Can and Can't Write Off

Bankrate

"I have two questions about rental expenses. If I do repairs or maintenance work on my rental property that I own, can I write this off as an expense? If I purchase lawn equipment to maintain rental property that I own, can I write this off?"

Earnings Too High to Claim Passive Losses on Rentals?

Bankrate

"I got married in 2011. My taxable income is $106,000 and my wife's is $50,000. We just got our taxes done, and because our combined income was more than $150,000, our tax preparer told us we could not use any of our business losses from our rental houses. This fact made our taxes increase for 2011 by $4,700. Is our tax preparation guy correct, or is he missing something?"

Figuring Tax Losses on Property Sale

Bankrate

"We took a second (mortgage) out on our primary residence to buy a rental property. A job change made us move, so we had to sell the rental property for less than what we paid for it (our second mortgage). We'd like to take that money and instead of putting it back toward the second loan, rather use it as a down payment for a new primary residence in our new state. Do we have to pay capital gains tax on the money from the sale of the rental since it's not really a gain?"

Deducting Investment Interest Expense

Bankrate

"I bought investment property, which is unimproved acreage. Can I write off the mortgage interest on this loan?"

Is HELOC from Rental Home Deductible?

Bankrate

"How much of my home equity line of credit interest can I deduct on my tax return?"

Deducting Losses from Real Estate Activities

Bankrate

"What form do I need to deduct carry forward losses from rental real estate activities?"


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