What kind of taxes do i need to pay for my rental income if i as well live in that building?
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Posted by Super David in Real Estate on Jul 31, 2010
As the title
- You pay the same taxes as any other person with rental income...(Schedule E) The expenses paid by you that directly related to the rental portion of the property are fully deductible. (for instance, if there is a separate electric bill for the rental space.) The expenses paid by you that are related to both the rental portion and personal portion are divided based upon square footage...unless another method of dividing the expenses can be clearly justified. The depreciation of the property for rental use also is based on the % of the square footage that is rented. I would highly recommend having a professional tax preparer do your taxes.
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