rental income

Forum|Forum|4 years ago
April 27, 2022
2 replies
0 views

my wife and i own a rental property donwe have to pay taxes on rental income

Carl11_2

Employee

Yes.

If this is rental real estate that you own, then all rental income/expenses/depreciation gets reported on SCH E as a part of your joint 1040 tax return.

SweetieJean

Employee

You may wish to get professional help with this. Also see:

2021 Publication 527 (irs.gov)

Anonymous_

Employee

I agree with @SweetieJean; get professional help.

There are at least a couple of options:

TurboTax Live or Full Service.

See https://turbotax.intuit.com/personal-taxes/online/live/full-service

Contact an enrolled agent in your area.

https://taxexperts.naea.org/listing/service/individual-tax-preparation

leeloo

When you see thr professional, ask questions about how the income and expenses are reported. Ask how depreciation works. You will then have a template to follow next year.