General Landlording & Rental Properties
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated about 11 years ago,
Im renting my condo and have some questions about tax return
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