MuzikLvr
Dryer sheet wannabe
I've asked a CPA how to file taxes with no income but 2 rental properties. (I traveled full time for a year and a half when I rented one of my homes, I've now moved back into.) He said I don't have to because the rents and net profit would be less that the annual cut off limits for filing.
I'm not clear. What do I do with the 1099 from the bank, small trades gain/loss, expenses for roof, maintenance, etc. And most importantly, taxes and interest.
Rental income is passive income and not considered earned income to be taxed. Confusing and I want get answers.
Has anyone run into this?
I'm not clear. What do I do with the 1099 from the bank, small trades gain/loss, expenses for roof, maintenance, etc. And most importantly, taxes and interest.
Rental income is passive income and not considered earned income to be taxed. Confusing and I want get answers.
Has anyone run into this?