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Old 03-11-2016, 05:32 PM
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Earned income rental property question

I have a rental property and I will receive a 1099 form for earned income on this rent of $8,000 per year what would my portion of taxes I would need to pay at the end of the year be on this?



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Old 03-12-2016, 07:11 PM
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All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income.you need to repot the income on sch e of 1040; as a rental pty owner, you are not subject to self employment tax; then your net rental income is transferred from sch E to 1040 line 17 and is taxed at your marginal tax rate;on the contrary, your rental property can generate ?taxable losses? that can be used to reduce your normal salary income, hence the federal income taxes you pay



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