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Reply to "Rental income 1099 misc?"
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[quote=Anonymous][quote=Anonymous]Yes, you do. The threshold is $600. And also, you want to deduct those expenses to offset the rental income. Be sure you understand how to claim the depreciation as well (and remember, you'll owe a 25% recapture tax on the accumulated depreciation some day when you sell it, assuming you don't do a like-kind 1031 exchange).[/quote] Thank you! I'm not aware of this recapture tax? Assume as long as I keep records of all rental expenses and income I should be able to figure it out? We've had the house for 4 years and rented it out for 2. I've only been using Turbo Tax for filings but maybe should try to find an accountant if/when we plan to sell?[/quote]
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