Solved
Turbo Tax uses a tax rate of 28% on my rental property income. My bracket is at 24%. Thought rent income was taxed as regular income. Any thought for the discrepancy?
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Rental income is normally taxed at ordinary tax rates. However, it is possible that your adjusted gross income is to the point where your investment income is being subject to an additional 3.8% net investment income tax. That could account for an additional 3.8% increase in tax when you add your rental income, as it is considered investment income and subject to the net investment income tax.
The income thresholds for when the net investment income tax kicks in is $250,000 for married filing jointly and $200,000 for single filers.
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