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Real Estate
Reply to "Possible to rent home "under the table"?"
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[quote=Anonymous][quote=Anonymous][b]If I were your accountant, I would not sign your tax return if you tell me you have rental income you aren't reporting. [/b]With your rental expenses and depreciation, you'll likely end up with a net loss. Depending on your income level, the loss may not be able to be used in the current year but it can be carried forward to offset future rental income or the gain when you sell (I'm being very basic). Also, as a pp said, since you're in DC you need to register in DC and file an unincorporated business tax return if your rents exceed $12,000. [/quote] x10000 [/quote]
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