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Updated over 5 years ago on . Most recent reply

Mike Shirley's profile image
Mike Shirley's profile image
Mike Shirley
  • from Meridian, Mississippi
  • Member since May 23, 2019
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Mike Shirley's profile image
Mike Shirley's profile image
Mike Shirley
  • from Meridian, Mississippi
  • Member since May 23, 2019
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Mike Shirley
  • Meridian, MS
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How do you handle taxes on rental property?

Mike Shirley
  • Meridian, MS
Posted

When buying, fixing, and renting property, how do i handle the business with taxes? I operate under an LLC, so should I just report rental payments as income taxes or is there more to it?

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Jake S.'s profile image
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Jake S.
  • Rental Property Investor
  • from Minnesota
  • Member since Nov 9, 2017
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Jake S.'s profile image
Jake S.'s profile image
Jake S.
  • Rental Property Investor
  • from Minnesota
  • Member since Nov 9, 2017
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Jake S.
  • Rental Property Investor
  • Minnesota
554
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863
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Jake S.
  • Rental Property Investor
  • Minnesota
Replied

Hey @Mike Shirley I'd recommend finding a solid bookkeeper and CPA to consult with on this.

It'll be reported as rental income but structured correctly using depreciation and cost segregation (in some cases) you will be able to claim a passive loss on not owe income tax on your rental income

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