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April 14, 2022
Question

Net income from rents on state tax

  • April 14, 2022
  • 1 reply
  • 0 views

For state taxes:

 

Under Net income from rents.  Do I subtract from gross rents:

-all expenses/operating costs, etc.

-all taxes paid

-depreciations?

Can you please clarify what cannot be included for net income from rents?

 

If I include depreciation as part of the net, it will be a negative number.  Can I enter a negative number?

 

1 reply

AmyC
Employee
April 19, 2022

Each state has its own laws on how it handles expenses, depreciation, etc. You can reply with the state here or  contact the Department of Revenue. 

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