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Updated about 1 year ago,

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6
Posts
1
Votes
Leo Kane
1
Votes |
6
Posts

Clarification on Income Taxes from Rentals (from RocketMortgage?)

Leo Kane
Posted

Hi, I found this article on Rocket Mortgage about taxation on rental income: https://www.rocketmortgage.com/learn/how-is-rental-income-ta...

There is one more line at the bottom that says $174K + 37% for 578K+ for single filers. Is this true? I have seen 37%, but this is the only source mentioning a flat cost for each bracket. If someone earned 578K, then they would be taxed 174K and then 37%, so 174 + 213 = 387 = only 191K in net. This seems ridiculously high to me (I know that there are tons of tax benefits also but if you could please clarify, then that would be appreciated)!


Thanks!

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