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Updated about 11 years ago,

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Dada Keryk
  • Sloan, NV
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Im renting my condo and have some questions about tax return

Dada Keryk
  • Sloan, NV
Posted

I have rented my condo in august 2013 using property management service.
Tenant paid whole year in advance ( lump sum/single payment ) .

I have received sum of 9000$ from property management and that is after all their fees (Setup,managment fees for next 11 months...).

Now i have to fill out tax return and im confused.

I have to pay HOA every month (148$ plus local city tax 47$) for my condo.

I have 3 questions:

1. What form i will receive from property management for tax purpose? Is it 1099-MISC?

2. I have received 9000$ in august 2013 for 12 monts rent, from aug 2013 till aug 2014.

I have to pay around 200$ each month for HOA and City tax.

Can i deduct it on my 2013 tax return for months i will be paying it in 2014 or just for 4 months (from aug-dec) it was renting in 2013?

3. I just entered in Turbotax my income from rental property (9000$), and some expenses i had (repairs) and my total Federal Refund came down from 5000$ to 2000$! Does it seem right? 3000$? Or should i consult a tax professional about this?

Thanx

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