Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Short-Term & Vacation Rental Discussions
presented by
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Tax, SDIRAs & Cost Segregation
presented by
1031 Exchanges
presented by
Real Estate Classifieds
Reviews & Feedback
Updated almost 7 years ago on . Most recent reply
Claiming rental income for taxes
My wife told me that she heard rental income up to the price of the mortgage was not required to be reported for tax reasons. I have never heard this and to me it sounds wrong but when I mentioned it she said that I was wrong. Can anyone help me understand if there is a time/ way that rental income is exempt from being claimed on taxes? Thank you.
Most Popular Reply
Natalie Kolodij
Tax & Financial Services
Pro Member
- Tax Strategist| National Tax Educator| Accepting New Clients
- 4,418
- Votes |
- 3,679
- Posts
Cherish this moment because it may be the only time you get to be right and the wife is 100% wrong.
All rental income is required to be reported. It goes on Sch E and can be offset by certain expenses, I would consult with a tax pro.
Kolodij Tax & Consulting