QUESTION

If I have a rental house that’s giving us $377 positive cash after mortgage is paid, how much in taxes will be owed?

Asked on Feb 24th, 2014 on Landlord and Tenant Law - Oregon
More details to this question:
N/A
Report Abuse

6 ANSWERS

Probate Attorney serving St. Louis, MO at Edward L. Armstrong, P.C.
Update Your Profile
If you have a rental property that gives you a $377 positive cash flow after make the mortgage payments and if there are no other expenses that you incur with regard to the maintenance of that property which you hold for rent then your taxable on the entire net amount so if after paying the mortgage payments it will depend on whether the taxes and insurance are held in escrow in our party your payment or whether you pay those separately. If there are other upkeep expenses of the property of course you're entitled to deduct those in arriving at the net amount of taxable income.
Answered on Feb 27th, 2014 at 8:17 AM

Report Abuse
Commercial Contracts Attorney serving Boise, ID at Peters Law, PLLC
Update Your Profile
You need to talk with your accountant. Are there other costs associated with the property, e.g. liability insurance, taxes. It also depends on your tax rate.
Answered on Feb 26th, 2014 at 7:26 PM

Report Abuse
The rental income is taxable, but you can deduct other costs such as cost to maintain, un-reimbursed expenses, property taxes, etc.
Answered on Feb 26th, 2014 at 7:26 PM

Report Abuse
General Law Attorney serving Cherry Hill, NJ at Mark S. Cherry, Attorney at Law, PC
Update Your Profile
It depends on your Depreciation calculation. You could have positive cash flow but a negative tax income.
Answered on Feb 26th, 2014 at 7:13 PM

Report Abuse
Estate Planning Attorney serving Castle Rock, CO
2 Awards
This is a question for your CPA because it is not possible to answer the question with the facts provided.
Answered on Feb 26th, 2014 at 7:02 PM

Report Abuse
Business Law Attorney serving Portland, OR
2 Awards
It depends on the amount of your depreciation deduction. That depends on the value of the property. The IRS has a table in a publication that can help you.
Answered on Feb 26th, 2014 at 7:01 PM

Report Abuse

Ask a Lawyer

Consumers can use this platform to pose legal questions to real lawyers and receive free insights.

Participating legal professionals get the opportunity to speak directly with people who may need their services, as well as enhance their standing in the Lawyers.com community.

0 out of 150 characters