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Do you need to file taxes if your only income was rental income but with expenses and depreciation no taxes were owed?
Mariagiubergia
Yes, you still need to file a tax return. People have to file tax returns when their income from whatever source exceeds certain minimums set forth in the tax code. It does not matter if, after taking into account all exemptions and deductions, you don't owe any taxes. The tax code requires the filing so that the IRS can make sure you are not taking improper deductions to reduce your tax obligation. Also, the fact that your income was not earned income is irrelevant. And note, if you didn't file a tax return for 2007, you would not be eligable to receive the growth incentive payment recently sent out.
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∙ 15y ago
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Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
Can you file funeral expenses on income taxes?
Funeral expenses are NOT deductible on an individual taxpayers income tax return.
How do you calculate the net income after taxes with cash flows?
Cash flows are adjusted for depreciation transaction and then net income is arrised and from there taxes are deducted as well.
Is tax payable on income an expense?
Taxes are payable on income less expenses
What taxes are referred to in EBITDA calculation?
EArnings before income tax, depreciation and amortization.
Can you claim plumbing repair expenses on your taxes on a rental property?
Yes. You claim income that you receive in addition to expenses like repairs, insurance, property taxes, depreciation, etc. This is the case with me assuming that you are the owner of property that you rent to others and not rental property where you are the tenant.
Does depreciation lower taxes?
Yes, depreciation is an expense and like all other expenses which reduces the incomes depreciation also reduces the income and as lower the income as lower the tax.
Can a claim of loss of income be made on your federal income taxes for rental income because the hotel providing major amenities closed for part of the year causing rental income to be lost?
Loss of income is not an expense, and can not be claimed as an expense, because there are no taxes levied against income that does not exist. There is no guarantee that the income would occur either. Your actual out of pocket and related expenses (amortization, fees, other normal business expenses) for the rental property are deductible. I would suggest that you consult a tax adviser since there are rules regarding which expenses are deductible based upon whether this is an active, or passive investment.
What are the advantages of claiming depreciation on rental property?
It lowers your taxable income and therefore lowers your taxes.You are going to have to pay taxes on all depreciation "allowed or allowable" when you sell the property, so you might as well take advantage of it.
If I make income from my rental home, how do I file that on my taxes?
You'll need to file any income you make from your rental home on Schedule E of your tax forms. To make sure you are paying exactly what you owe, you'll need to closely track income and expenses throughout the year.
Do you have to file taxes on a small rental income?
Yes. Rental income must be reported no matter how small.
How do you account difference between depreciation as book and depreciation as tax?
This will be found under "deferred taxes" on the income statement.
What is the revenue-net income?
Net income equals revenue minus expenses minus taxes So, revenue minus net income equals expenses plus taxes
What is difference between Net Income and Net Operating Income?
Net operating income (must be a positive number, otherwise would be net operating loss) is the amount after expenses have been deducted out of sales, BUT before INTEREST and INCOME TAXES have been deducted (also called EBIT: Earning before Interest and Taxes). Therefore, the difference is that Net operating income includes interest and income tax expenses, where as Net Income does not include it. Sales (-)CGS Gross profit (-)Operating expenses/depreciation Net operating Income (EBIT) (-)Interest and income taxes Net Income
Can you file funeral expenses on income taxes?
Funeral expenses are NOT deductible on an individual taxpayers income tax return.
Do you have to pay taxes on property in Thailand as well as paying taxes on the same property in England?
You may be subject to taxes on your property in both Thailand and England. It depends on the specific tax laws in each country and any tax treaties that may be in place to prevent double taxation. It is recommended to consult with a tax professional who specializes in international taxation to determine your individual tax obligations.
How do you calculate the net income after taxes with cash flows?
Cash flows are adjusted for depreciation transaction and then net income is arrised and from there taxes are deducted as well.
