All Forum Posts by: Tito Taiwo

Hi! I would like some help. Last year was my mums first year being a Landlord. Now we are both trying to figure out how she properly files taxes on her rental income.

Initially I was telling her to treat it as a capital gains tax; For example she's renting her home for $2000 a month and her mortgage is $1350. She gains $650 a month based on the difference between her mortgage and the price she is collecting for rent. Therefore, for the year she would get taxed on her $7,800 gains. That was my assumptions. After being on google for a few hours It seems that rental income is taxed like regular income earned at a job and NOT as capital gains lol. 

If my mom collected $24,000 last year from rental income, she will just add that on top of her salary, and continue to file her taxes the same way? How do you file taxes from income on a rental property....Thankyou.

thank you, this is very informative! I am looking into getting an attorney to help me with this, seems like that is the one  constant advise I have been getting. I appreciate you taking the time to give me some gems 💎 thanks 

I have agreed to lend a friend who does fix and flips some cash for a property, with an agreement for a 10% ROI (I am lending 10k since this is my first time doing business with him, however I do trust him.) I was sent an Investor Agreement document to sign. Seems like a generic contract with our agreement stated on the bottom. Since I am new to this and this is my first time doing this, wanted to know if there is any clauses I should make sure is included in the agreement or any clause to watch out for. OR Maybe someone can share an agreement with me that is in favor of the Lender. Thankyou.