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Updated almost 7 years ago on . Most recent reply

User Stats

236
Posts
133
Votes
Manco Snead
  • Investor
  • Spokane, WA
133
Votes |
236
Posts

Student with One Property: Need to File Taxes?

Manco Snead
  • Investor
  • Spokane, WA
Posted

Greetings folks,

I'd appreciate any feedback regarding this question: I am currently a student and not working; my only income is some cashflow from the one rental property I own. I just filed my 2017 taxes, but it had not even occurred to me that I may have not needed to file given my low income. The year's total rents was about $23,000 with approximately 75% of that going to the mortgage/utilities/management fees. The remaining cashflow was my only income for 2017. So, I am wondering if, given my low income I had to bother filing taxes for 2017 at all and could have avoided the bill I'm about to get from my accountant. Or does one need to file every year regardless of income if that person owns a rental property?

Much thanks.

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