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taxes for rental property

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rtscrwbeagles75

Junior Member
What is the name of your state? Pennsylvania, Hi i was just wondering if someone can explain to me if i have to claim rental property income on my taxes, and if i dont what can happen to me.
 
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Happy Trails

Senior Member
rtscrwbeagles75 said:
What is the name of your state? Pennsylvania, Hi i was just wondering if someone can explain to me if i have to claim rental property income on my taxes, **Yes, rental income is taxable. and if i dont what can happen to me. **The same thing that happens when you don't pay the appropriate tax on taxable income. You would be subject to penalties and interest on the amount that you would owe.
You should be keeping accurate records on how much income you are receiving. You can deduct expenses that you have for that rental property.

You need to see a tax accountant. They will be able to help you with all the expenses that you will be allowed to claim and this will help to off-set the amount of income you made from the rental, the difference will be the amount that you will owe taxes on.
 

LdiJ

Senior Member
rtscrwbeagles75 said:
What is the name of your state? Pennsylvania, Hi i was just wondering if someone can explain to me if i have to claim rental property income on my taxes, and if i dont what can happen to me.
Yes, you do have to claim that income. If you don't and the IRS catches you then you will owe not only the taxes, but interest and penalties as well.
 

Happy Trails

Senior Member
LdiJ said:
Yes, you do have to claim that income. If you don't and the IRS catches you then you will owe not only the taxes, but interest and penalties as well.
I have accidently 'echoed' people before, but never a day later. :D
 

LdiJ

Senior Member
Happy Trails said:
I have accidently 'echoed' people before, but never a day later. :D
LOL...I actually didn't catch that you answered the question within the quote...which is the only reason I responded. :D
 

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