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How much to you have to make from income from rent, to file taxes? |
I have tenants that only pay very little (family) and I know that if you don't make a certain amount from income relating to being a "landlord" then you dont have to file. So my question is, how much do you have to make in a year to know you have to file. Relating to income from rent. Not true, you have to claim it however much you make from it, if you are filing a return for any reason. If your total gross income though is below the limit for your filing status to have to file, you don't have to file. If you are renting below the Fair Rental Value, you are doing what the IRS calls "Rental not for Profit." What this means is that you must report the income you received on Sch E, but you can only deduct expenses up to the amount of income you received. You cannot report a loss. |
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