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You live and work in one state and have a rental property in another state. Do you have to file a tax return in the other state?
Wiki User
∙ 14y ago
Yes the state where the source of the rental income is from wants some income tax on that rental income that you have received from the nonresident state.
A nonresident state income tax return will have to filed with the state where the rental property is located.
Wiki User
∙ 14y ago
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What is the difference between real property assets and personal property assets in cost segregation?
Property is that which an individual owns. Real property is real estate, land, investment/rental properties, homes, etc. Personal property is jewelry, art, automobiles, valuable collections, cash and financial assets other than real property.
Do businesses pay taxes?
In one way or another, they pay income taxes on profits, property, vehicles, and every other tax that everyone else pays. Depending on the type of business and how it is formed, determines how the income tax is paid and on what type of tax return.
Do I pay taxes on a rental sold in another state?
I assume you are saying you own a rental unit that is located in another state and you sold it. If you are a US Citizen or permanent resident, you must pay federal income tax on any profits derived from a sale anywhere in the world. If you are a resident for tax purposes of a state that imposes an income tax, you must pay state income tax to the state where you are a resident. If the state where the property is located has an income tax, you must also file a non-resident return in that state and pay any appropriate income tax to that state. This can create a situation where you must pay income taxes to two different states (the one where you live and the one where the property is located) on the same profit. Ordinarily the state where you live will grant you a credit for the amount of tax you paid to the other state. The credit however will not exceed the amount the resident state would tax the same income.
Do you pay taxes on a rental property insurance claim?
Probably not. As long as the payment your addressing is for a loss of something tangible, say to restore damage to the roof, the payment isn't taxable UNLESS you took the casualty loss on your tax return for that item. (You can't take the loss and exclude the income - one or the other. Makes sense because if your getting paid for the loss, well then you didn't really have one).
Is rent considered ordinary income?
Yes it is taxed as ordinary income and the net rental income is reported on page 1 line 17 of the 1040 tax form. Your net rental income is added to all of your other gross worldwide income and taxed as ordinary income at your marginal tax rate on your 1040 income tax return. Your gross passive rental income and expenses are reported on the schedule E of the 1040 tax form. Nonpasive gross rental income and expenses are reported on the schedule C of the 1040 tax form. The difference is that you do not need to pay Social Security on Rental Income.
Is rental property really a good investment?
Rental property can be a good investment if you are able to generate consistent rental income that exceeds your expenses, such as mortgage payments, property taxes, and maintenance costs. It can also provide long-term appreciation potential and tax benefits. However, rental property investment comes with risks and considerations such as ongoing property management, vacancy periods, and potential market fluctuations. careful evaluation of the specific property, rental market, and financial situation is crucial before making any investment decisions.
Can I sell one of my rental properties and roll over the equity into one of my other rental properties of greater value to buy down the mortage on the second rental that I keep but already have a mortage on?
No, you can't facilitate an exchange for property you already own. Yes, you can accomplish this. Take the proceeds from the sale of property one and pay them towards property two. You may want to ask for a mortgage readjustment for property two.
How do you obtain financing for a rental property?
The same way you get the loan for any property. You go to the bank and apply. They may have requirements to include incorporation, rental history for the property and other items you don't need for a home loan. You can also check with the Small Business Administration to see if any of their programs can help.
What is difference between home owners insurance and rental property insurance?
Other than home owners insurance covering your primary residence where you live and rental property insurance covering a home that you rent to others there are a few differences in types of coverage. While most home owners policies cover the building you live in as well as your contents (TV, Clothes, etc...), most rental property policies cover only the building. This is because in a rental property situation you usually do not own the contents inside and the renters have renters insurance to cover their own contents.
How do you rent a property with dual ownership?
There is no ownership by a renter in a rental property. Just joint tenancy. If you are a co-owner of a rental property. in equal part, the other co-owner must agree in order to make a legally binding contract. Even if you are a majority owner, doing things against the partner's wishes is just asking for trouble.
Can one tenant terminate a month-to-month rental agreement in order to keep out another cohabitant on the lease agreement without the consent of the other tenant and still reside in the property?
No, only the owner of the property would be able to break the agreement assuming the landlord had valid reason(s) for taking the action.
What happens if you don't return a rental car in Nevada?
its reported stolen after the last day you rented it for. just like in any other state
How is associative property different from other properties?
It is different in the same way as any property is different from any other property. Each property must be unique because otherwise it would simply be another property.
Can I sell 2 rental properties and do a 1031 exchange on a single property if it meets requirement?
You certainly may. You can exchange any number of properties for any other number of properties. Be wary of the identification rules. yes,you Can sell 2 rental properties and do a 1031 exchange on a single property it meets requirement.
What is the difference between real property assets and personal property assets in cost segregation?
Property is that which an individual owns. Real property is real estate, land, investment/rental properties, homes, etc. Personal property is jewelry, art, automobiles, valuable collections, cash and financial assets other than real property.
Which of these are proper grammar other rental companies or other rental companys?
companies
Can one member of a Corp buy and sell rental property with cash from the Corp without the other's signature in ND?
I think that each partner would have to sign for property purchased with money out of the corporation and also when it is sold.
