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Rental Property Records Year Address of property Expenses Advertising Cleaning Purchase date Insurance Purchase Amount Legal fees Less value of land Maintenance Depreciated amount Tax prep fee Depreciation
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Expertise, Integrity, Personalized Service Evan Hutcheson, CPA, LLC Hi this is Evan Hutcheson I'm gonna help you file rental income or loss on the schedule E form of your individual tax return. I'm gonna use the IRS forms that I've downloaded off the internet as a guide for filing. You might, the best way for you to file, if you're going to file with the IRS using the IRS forms is to go through their website to free fillable forms. It's a pretty simple process and they do a lot of the calculations for you. So when I'm filing, when I'm doing the guide here, I'm going to assume you're using the free fillable forms and I'm gonna show you what calculations the free fillable forms automatically calculate. So a lot of people, maybe you're included maybe you're not, think that having rental revenue coming in as a surefire way to have surplus of income. But it's actually pretty common to have a tax loss on rental activity due to all the interest and the depreciation and everything like that. You are normally not allowed to deduct the tax loss since rental activity is considered a passive activity, unless of course you're a rental real estate professional, then it's your job and it's not passive activity. However, if you actively participate in the activity, in the rental activity, which means if you collect the rent yourself, if you call the repairman yourself, if you don't have like a management company doing all this for you, you're actually involved a little bit, then you are actively participating. If you're actively participating, you can deduct up to twenty-five thousand dollars or your loss. Now, if you make more than a hundred thousand dollars on your modified adjusted gross incomem that twenty five thousand dollars starts to fade away until you hit a hundred fifty thousand dollars, when that loss completely goes away, you're not allowed to deduct anything. So basically if you make less than a hundred thousand dollars you can deduct the full amount up to twenty-five thousand dollars. If you make more than a hundred thousand dollars, that threshold starts to decrease until you hit a hundred fifty thousand dollars, and when you hit a hundred fifty thousand dollars of modified adjusted gross income, you can't deduct anything. So, I'm gonna go through this form real quick. The first question asks is do you make payments that would require you to file a 1099. So, if you made payments of over six hundred dollars to a subcontractor or an LLC doing some work, then the answer would be "yes," and hopefully you filed a 1099. Because if you were marked, "yes" here and "no" here, that is not good. The IRS sees that and they do not like that very much because they know you should be filing a 1099. So, me personally, or this dummy John Doe, this dummy tax return, I'm gonna put, "no" so we don't even have to answer this question. Because he did not file, or he did not pay anyone over...