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Updated over 6 years ago on . Most recent reply
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Managed Property Georgia Rental Income Tax Question
Hello Bigger Pockets Family,
I have been away for a while for personal reasons. My wife and I need some help, hopefully from someone not a Georgia resident but owns rental property in the state of Georgia.
We are looking at a cabin investment in the north GA mountains, as FL residents I am curious if anyone has some insight they could provide. The property that we are looking at is onsite managed and fees deducted from rent, owner paid the balance. So far the numbers just on income are looking to be about 8-10% per year. Since this is ran as a lodge and occupancy/hotel tax is collected above the nightly rate I am curious if I would be obligated to pay the state of GA income tax on the proceeds paid to me annually. Being from FL we are not used to income tax. And of course having to pay income tax drops my overall yield down a bit.
Also, would a cabin property such as this able to be written off as depreciating asset?
Thanks,
Mike