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Updated almost 8 years ago on . Most recent reply
Question regarding income from rent
Hi,
I'm new to the forums and looking into purchasing rental properties. I do plan on keeping my current job while I get started.
I'm currently reading the Bigger Pockets tax strategy book and it is very eye-opening and informative but I do have a question about how income from rent is taxed. Is it taxed as income or something else (EX long term capital gains)? Also, if I have enough deductions to offset the income from rent, can the overage be used to lower my taxable income from my corporate career?
Thanks for the advice