Rental Income
Posted date : Nov 4, 2017.
If you rent out your home in Florida and your rental income is less than your costs to maintain your home, do you pay tax on this income in the U.S.
E. Dell
Toronto, ON
Response:
Ed.: Any net income (rent less expenses) would be taxable in the U.S. If there is also personal use involved, the expenses are usually prorated for tax purposes. In any event, whether you are making money or not, you have to file a U.S. tax return for each of the owners on an annual basis. This applies to all states, to our knowledge. You must also be careful of several short-term rentals as these may attract “hotel” tax.
