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Reply to "tax implications of rental income?"
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[quote=Anonymous]The mortgage interest and taxes you pay on the rental property are deducted from the income you make from that rental property. So if you get rental income of $2500 per month and your mortgage plus taxes are $2400 per month then you subtract the $2400 from the $2500 to get your net monthly income. As mentioned above you can also subtract maintenance costs, repair costs, depreciation, and other expenses related to the rental property. It's likely you won't have much income. And some people have a net loss. When you sell you pay taxes on the depreciation recap as mentioned above. We did something similar the past two years with our former home that became a rental. Taxes were a bit of a pain, but I figured it out myself. And for us we didn't do it for the income but rather we held on to it in case we wanted to move back. Luckily, it appreciated about 5% while we we rented it out.[/quote]
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