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Rental Property Taxable Income and Deductions

IRS Rental Property Rules

Whether you own a second home that you rent to tenants or just rent a separate apartment in your house, the same IRS rental property rules will apply. Generally, the IRS considers the rent you receive each month as taxable income that you must report on your federal income tax return. However, you don’t pay federal income tax on the entire amount. The IRS rental property rules also allow you to claim any expenses you incur for the rental property as a deduction to reduce the amount of rent you pay tax on. In addition to reporting your rental income, the IRS rental property rules provide alternative methods for reporting your rental activities, depending on how involved you are in the rental operations. But regardless of how you report it, you can always claim a deduction for property taxes, mortgage interest, utilities you are responsible for paying, cleaning charges, the cost of advertising the property and all commissions you pay to real estate agencies to manage your property.

Rental Property Tax Rules when Renting Part of Your Home

Many taxpayers will rent a separate apartment in a house that they live in to reduce their monthly housing expense. However, the IRS rental property rules still consider you a landlord and you must report the income you receive. For example, if you rent out your furnished basement as a studio apartment, all rent you receive is potentially taxable. But since you also live in the home, you must allocate your housing expense deductions between your nondeductible personal use and deductible rental use. If your home’s square footage is 2,000 square feet, and the studio apartment occupies 500 square feet, then 25 percent of your monthly housing expenses are deductible. Unless you provide substantial services to the tenant, you report all rental income and deductions on a Schedule E attachment to your 1040 form.

IRS Tax Rules for Separate Rental Property

If you rent a second home that you don’t live in, then you report the rental income and expenses the same way; however, no allocation is necessary since all expenses are deductible. In the event you do operate your rental properties more like a business because you materially participate in the property’s management or provide services, the IRS requires that you report the income and expenses on a Schedule C, rather than a Schedule E.

Reference: IRS Publication 527-Residential Rental Property