I'm planning to buy a 3 bedroom townhouse and renting 1 bedroom. Do I need to pay taxes on my rental income? Is there a way I can do to reduce my income tax TC 200k,MS +6 years
Your income isnt high at all. Whats the point of saving a few dollars by lying on your tax reports
I m not planning to lie . Need inputs whether I can reduce tax by showing expenses on house repair etc
Yes you can reduce your income if you have qualifying repairs. Have you tried using something called Google? Its helpful
cannot dodge taxes bro… Do the 1099 and then claim repairs as deductions. Unless you do cash only and live in the wild west.
Take cash, don’t be a cow to Uncle Sam or else they will milk you until you fall down
Where are you buying ?
Unless it is family renting the room, this is a big risk. Stable earners are generally not renting 1 room in townhouse. Have you been a landlord before?
what? Single professionals rent rooms all the time. And those for-rent ADs usually state “Close to Google/Apple/Meta”, lol
Have you landlorded before? You do not get some swagging FAANG eng wanting to live with you in your small townhome, they rent luxury apartments instead. Your applicant pool is actually fairly low income for such units
Go to an accountant and they can explain what taxes you will need to pay and what portion of expenses you can deduct.
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Not a legal advice, but cash only?