 Tax Implications (by Wendy [PA]) Aug 12, 2015 10:51 AM
 Tax Implications (by WMH [NC]) Aug 12, 2015 11:26 AM
Tax Implications (by Jim in O C [CA]) Aug 12, 2015 11:57 AM
Tax Implications (by Marv [IL]) Aug 14, 2015 6:09 AM
Tax Implications (by Wendy [PA]) Posted on: Aug 12, 2015 10:51 AM
Message:
Are the taxes on rental income different than those on "earned" income? State Specific Question About: PENNSYLVANIA (PA)
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Tax Implications (by WMH [NC]) Posted on: Aug 12, 2015 11:26 AM
Message:
Depends on how high your earned income is. About ($150k?) deductible losses on rental properties are phased out, but you add the income to your earned income.
If you are below what that figure is now, you deduct the allowable expenses from the rental income (including depreciation) and what's left gets added to your W2 income.
You are limited to ($25k?) in expenses per year unless you are a Real Estate Professional, which it is hard to qualify for if you have a W2 job.
I think I've got that all right. --173.22.xx.xx |
Tax Implications (by Jim in O C [CA]) Posted on: Aug 12, 2015 11:57 AM
Message:
You don't pay self employment taxes like you do as an employee. Your income is added to other earned income.
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Tax Implications (by Marv [IL]) Posted on: Aug 14, 2015 6:09 AM
Message:
Yes.
Social Security is paid on earned income.
Rents are investment income and are passive. --173.15.xx.xxx |
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