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CheriBlossom
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Old 11-06-2018 , 06:48 PM     CheriBlossom est dconnect  search   Quote  
A rental home is considered an extra income.

What tax form do you file and how much do you have to pay in taxes every year?
Thankful
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Old 11-06-2018 , 07:35 PM     Thankful est actuellement connect  search   Quote  
Schedule E. .
CheriBlossom
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Old 11-06-2018 , 08:10 PM     CheriBlossom est dconnect  search   Quote  
Quote :
Originally Posted by Thankful
Schedule E. .
Thanks for your reply.

Is there any other form/s that go with it?

How much do you pay in taxes for each of your rental home?
Thankful
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Old 11-06-2018 , 08:27 PM     Thankful est actuellement connect  search   Quote  
Quote :
Originally Posted by CheriBlossom
Thanks for your reply.

Is there any other form/s that go with it?

How much do you pay in taxes for each of your rental home?
Just look at Schedule E and you will understand. Income-expenses = profit/or loss

Income = $$ you collected
Expenses = $$ you paid out for the rental(s) including taxes too

What do you mean how much do I pay? You pay yours you know
CheriBlossom
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Old 11-06-2018 , 08:37 PM     CheriBlossom est dconnect  search   Quote  
Quote :
Originally Posted by Thankful
Just look at Schedule E and you will understand. Income-expenses = profit/or loss

Income = $$ you collected
Expenses = $$ you paid out for the rental(s) including taxes too

What do you mean how much do I pay? You pay yours you know
I’ll check it out later tonight. Hhehejje
This is our first year on paying rental property taxes so I don’t know yet. I’m worried cuz uncle Sam ko co ne tinh ai het ma con chem dep. Only if I could claim the dog to get the reduction.

Last edited by CheriBlossom; 11-06-2018 at 08:42 PM..
Thankful
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Old 11-06-2018 , 09:11 PM     Thankful est actuellement connect  search   Quote  
Quote :
Originally Posted by CheriBlossom
I’ll check it out later tonight. Hhehejje
This is our first year on paying rental property taxes so I don’t know yet. I’m worried cuz uncle Sam ko co ne tinh ai het ma con chem dep. Only if I could claim the dog to get the reduction.
Don't worry too much because the 1 st year normally is a loss hehehehe so it will pull your income down and you will end up paying federal tax liability less
guylangthang
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Old 11-07-2018 , 10:23 AM     guylangthang est dconnect  search   Quote  
năm đầu ko cần khai cũng chả sao hết .... lỗ dài dài ...


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CheriBlossom
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Old 11-07-2018 , 04:57 PM     CheriBlossom est dconnect  search   Quote  
Quote :
Originally Posted by Thankful
Don't worry too much because the 1 st year normally is a loss hehehehe so it will pull your income down and you will end up paying federal tax liability less
Neu tra nhieu qua, chac minh se ban nha just to get it over with, if the tenants decided to move.
Neu how muon sign another lease thi toi dau hay toi do.
CheriBlossom
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Old 11-07-2018 , 04:59 PM     CheriBlossom est dconnect  search   Quote  
Quote :
Originally Posted by guylangthang
năm đầu ko cần khai cũng chả sao hết .... lỗ dài dài ...


Really? Uncle Sam hien toi noi se bo qua sao? 🙊
Alashikata
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Old 11-07-2018 , 06:00 PM     Alashikata est dconnect  search   Quote  
1. Make your decision carefully in tax return:
-Do you want Home Depreciation: search online to see the advantage/disadvantage that benefit in your case base on your income. When you're in, you can't get out until selling the house.

-Check your tax bracket online then you can estimate

-Let say you rent for 3 months of this year, you can skip the rental income and pretend your house is restoration stage. However, the tax form is a bit confused. I don't remember exactly but you have to put in how many days vacant and do you live in there. So make your answer wise otherwise you will pay a huge tax. There is a question that when the house is vacant, do you live there: make sure to say No

-You can upgrade your primary home and put the bills on the rental home. Be reasonable such as $5k-$10k. Claim too much loss they may questions you.

2. Rental home insurance: $1000 deduction is good. Don't put too high to lower the cost since it's not much different between $1000 and $5000. This amount can add to tax deduction too.

3. Selling a rental home is subject to tax. Buy for $100K, sell $150K, tax will based on 50K gain. There is way to get around hiding 50K

If you don't care about tax, then go with the flow. Otherwise, do more research to find a loopholes
Isabella
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Old 11-07-2018 , 06:58 PM     Isabella est dconnect  search   Quote  
If you are high earner, then a rental house may help reduce the tax provided that the rental house still have mortgage.
Tax on rental houses just like any other houses depends on how much the assessed value by county.
Some state, renters can claim rental credit so landlords have to report rental incomes. If not, you can become submarine.

Rental properties have to consider depreciation, so when sold , owner will either take a gain or loss. If it is a gain, then you pay capital gain tax, but if it's a loss, it lower your income hence, lower tax.
Thankful
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Old 11-08-2018 , 03:51 PM     Thankful est actuellement connect  search   Quote  
Quote :
Originally Posted by CheriBlossom
Neu tra nhieu qua, chac minh se ban nha just to get it over with, if the tenants decided to move.
Neu how muon sign another lease thi toi dau hay toi do.
Life is an adventure. Breathe and breathe a lot, you will be fine. It sounds a little scary because it is new to you, but it is something fun to learn then you will be happy later because you put your mind into something that challenges you and you will get it. Tell yourself " I must know how rental investment look like" hehehehe
Alashikata
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Old 11-08-2018 , 05:18 PM     Alashikata est dconnect  search   Quote  
Just a warning, for a Married/Filing jointly couple with total income over $150K, you don't get tax deduction on rental.
CheriBlossom
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Old 11-08-2018 , 06:39 PM     CheriBlossom est dconnect  search   Quote  
Quote :
Originally Posted by Alashikata
1. Make your decision carefully in tax return:
-Do you want Home Depreciation: search online to see the advantage/disadvantage that benefit in your case base on your income. When you're in, you can't get out until selling the house.

-Check your tax bracket online then you can estimate

-Let say you rent for 3 months of this year, you can skip the rental income and pretend your house is restoration stage. However, the tax form is a bit confused. I don't remember exactly but you have to put in how many days vacant and do you live in there. So make your answer wise otherwise you will pay a huge tax. There is a question that when the house is vacant, do you live there: make sure to say No

-You can upgrade your primary home and put the bills on the rental home. Be reasonable such as $5k-$10k. Claim too much loss they may questions you.

2. Rental home insurance: $1000 deduction is good. Don't put too high to lower the cost since it's not much different between $1000 and $5000. This amount can add to tax deduction too.

3. Selling a rental home is subject to tax. Buy for $100K, sell $150K, tax will based on 50K gain. There is way to get around hiding 50K

If you don't care about tax, then go with the flow. Otherwise, do more research to find a loopholes
Howdy there stranger, thanks for taking the time to help me.
I do care a lot about the taxes that’s why I’m asking today. 🙊

Minh nghi thue nam nay chac cha dien luon roi. 😭
CheriBlossom
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Old 11-08-2018 , 06:41 PM     CheriBlossom est dconnect  search   Quote  
Quote :
Originally Posted by Isabella
If you are high earner, then a rental house may help reduce the tax provided that the rental house still have mortgage.
Tax on rental houses just like any other houses depends on how much the assessed value by county.
Some state, renters can claim rental credit so landlords have to report rental incomes. If not, you can become submarine.

Rental properties have to consider depreciation, so when sold , owner will either take a gain or loss. If it is a gain, then you pay capital gain tax, but if it's a loss, it lower your income hence, lower tax.
I’m so looking forward to all of this. tai ko con duong nao binh het.
CheriBlossom
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Old 11-08-2018 , 06:46 PM     CheriBlossom est dconnect  search   Quote  
Quote :
Originally Posted by Thankful
Life is an adventure. Breathe and breathe a lot, you will be fine. It sounds a little scary because it is new to you, but it is something fun to learn then you will be happy later because you put your mind into something that challenges you and you will get it. Tell yourself " I must know how rental investment look like" hehehehe
Such a great adventure and I can see the bright future ahead of me already.😭 gioi phaj rang tap tho ra tho vo, cho mot khi lam thue chac duc hoi chet qua. 😭😭
Thankful
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Old 11-08-2018 , 09:29 PM     Thankful est actuellement connect  search   Quote  
Quote :
Originally Posted by CheriBlossom
Such a great adventure and I can see the bright future ahead of me already.😭 gioi phaj rang tap tho ra tho vo, cho mot khi lam thue chac duc hoi chet qua. 😭😭
Hahahaha sao ma lo qua vay, tu tu hoc hoi nguoi di truoc, gap quy nhan se duoc chi bao Huong dan cho, dung lo qua nhe

Bo moi mua nha nam nay ha? Ma lo vay? Neu moi mua nam nay thi co nhieu cai de ke khai vo vi du closing cost, fees, sua chua, taxes, chac gi co loi

Hoi truoc minh cung lo lam, tai minh ngu dai hon nguoi khac, tu tu moi cai den, tu nhien cung tim toi de kiem cach giai quyet. O trong day co nhieu anh chi gioi, hoi gi ho biet ho se chi cho

Last edited by Thankful; 11-08-2018 at 09:34 PM..
Isabella
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Old 11-09-2018 , 01:38 AM     Isabella est dconnect  search   Quote  
Có nhà cho thuê mệt gần chết. Mà sao đa só dân ở nhà thuê thích phá hư đồ đạc của chủ quá xá.

Bên này có vài người cho thuê nhà, người thuê không chịu trả tiền, phải thuê cảnh sát tới trục xuất.
Muc.Tim
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Old 11-09-2018 , 10:45 AM     Muc.Tim est dconnect  search   Quote  
Tím học hỏi khá nhiều ở trang này . Lấy nhà cho thuê suông sẻ hay không là do tài quản lý của mình . Chuyện thất bại thì kể lan truyền tùm lum, chuyện thành công có, nhưng giữ mật

https://secure.american-apartment-ow...631.1514841334
Alashikata
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Old 11-09-2018 , 12:02 PM     Alashikata est dconnect  search   Quote  
Doesn't matter how much you make, as long as you can subtract (401k, etc) and bring back home under $50k income, then you can get back at least $4k-$6k tax return/annual.

There are some pos/neg. You can't really trust any tenants even your own race. If they say they can't pay and their intension is living free for 3 months, then you suck with it until you get court eviction.

Before you hand the rental home key to anyone, make sure you have agreement otherwise, you lost your right after that. Which mean they can move in and live for 3 month free such as repair guys.

As I mention above, a couple with income over $150k or $162K will not get tax deduction which it happens to my coworker.

Be careful with rental home insurance such as fire. Don't be cheap since it can happen anytime.

If you do tax yourself, I recommend using TurboTax Home & Business. It has everything and easy guide to complete the home rental.

If you use property management, then good luck. They will rip you off every year.
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