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How do I claim rent as income?

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  • How do I claim rent as income?


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Answer #1 | 22/12 2013 20:36
you did not state why you wan to buy a 2nd home that is $ risky.........I can guide you but be very careful you can claim her income......
Positive: 87 %
Answer #2 | 22/12 2013 20:45
You should declare it as rental income on IRS form 1040 or 1040A schedule E. You will pay income tax on it but you also will have some deductions. If you applied for a mortgage for your existing home recall they asked for copies of 2 year's income tax forms or the right to request them from the IRS, you signed a form 4506. also will need to pay state income tax on that income. When considering rental income lenders use 75% for qualifying purposes, not all $350 in order to allow for vacancy factor etc.
Positive: 81 %
Answer #3 | 22/12 2013 21:19
As your girlfriends bear some proportion in rent and you get it so it is your income and you should give income tax
Positive: 61 %
Answer #4 | 22/12 2013 22:35
Simply ad up how much she paid within the calendar year and put it in the appropriate box on your income tax return. By showing rental income it also allows you to make deductions for various repairs etc. just be sure to have all receipts.
Positive: 29 %
Answer #5 | 23/12 2013 13:10
Discuss this with a lawyer.
Positive: 10 %

Possible answer

Housing Benefit or local housing allowance ... How to claim; 5. ... You could get Housing Benefit to help you pay your rent if you’re on a low income.
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Positive: 87 %
Claiming Rent on Your Taxes in Ontario. ... you can claim a tax credit for rent paid on your principal ... even if you do not have any taxable income.
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Positive: 82 %
Tax Claims on Rental Properties. Even though most rental income is not considered business income, there are tax deductions to claim. ... Do You Rent Out ...
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Positive: 68 %
Property and sales tax credits are income ... You do not have to include property tax or rent ... you may claim the occupancy cost either as rent or ...
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Positive: 45 %

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