If it is not for business purposes, then yes.
No. For income tax purposes on your federal income tax return child support is NOT TAXABLE income that you would report on your 1040 tax form. Gross rental income and expenses are reported on the schedule E of the 1040 tax form and then then the net rental income is entered on page 1 line 17 Rental real estate, etc, Attach schedule E.
Residential rent is not deductible. You can deduct any rent used for business purposes such as office rental, equipment rental, vehicle rental, etc.
Yes, both at the Federal and State levels. Your business activity made you taxable on this, and possibly other income, too NYS whether you reside there or not.
Interest, dividends would be 2 types of income on some types investments. When business capital assets are you sold you have capital gains and losses that are possible. When a personal asset is sold possible taxable gain but no loss allowed on the sale of a personal asset. Rental income on rental property investment, etc.
does rental income count against ss income limits
It depends on if you are single or married. If you are single you can have "combined income" up to $25,000 of income before your Social Security becomes taxable; if you are married that number is $32,000. "Combined income" is defined as half of your Social Security income, plus any tax exempt income, plus any other income (from investments, pensions, rental property, etc.).
Earned income comes from wages or self-employment. The IRS considers rental income as passive (not from work.)
In the phrase "rental income", the operative word is "income". Yes, you have to declare it.
The company offered to defray the cost of the employee's professional development course.
Yes, as they are still taxable. In Hawaii, a Navy man living in on base housing had the commercial rental value of the home added to the calculations, though it not considered taxable. This creatd a child support obligation of 110% of his income.
Rental income is any income received from others occupying your property. This may include investment properties that have been rented out to tenants and whatever they pay as rent would be considered rental income for you.
Yes. Rental income must be reported no matter how small.