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| *The Commerce Journal>>>United Kingdom Taxes |
Paying tax on a home I plan to rent and then in a couple years sell? |
I have lived in my home in CA for over five years now. I want to rent it for a couple years and when the market goes up I plan to sell the home. My Question is: Do I have to pay taxes on the home after renting it? Thanks! In Ohio you do. When figuring the cost of rent, divide the taxes by 12 months and add it into the rent price. Hi, i live in the UK so I am not sure whether the tax system works the same over here. While your tenant is occupying the property they would pay tax as part of the rent or directly to the authorities. I don't quite understand what will happen once the tenacy ends and you are waiting to sell the house. As a landlord ithink your obligations are to maintain the property keeping it in good condition until you sell.. That sounds like a sensible idea, to collect rents until the value of the home appreciates. Yes, you are responsible to pay the real estate taxes on any property you own and those monies paid out can be deducted from your income tax, including any expenses to maintain that house. if you mean income tax, your net rental income that you would add to your 1040 is the total rent, minus mortgage interest, minus real estate taxes, minus depreciation and other expenses like utilities you still might pay, like trash and water/sewer, lawn care, repairs on the property |
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| Atlanta Other - Business & Finance Other Taxes United States Taxes United Kingdom Taxes Spain Taxes Singapore Taxes Mexico Taxes Ireland Taxes India Taxes Germany Taxes |
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