Real Estate Tax and Rental Property

Author: External Author | | Categories: Real Estate Lawyers

After buying a condo and living in it for several years, Sue meets Steve, marries him and moves into his house. Because the rental market in their area is improving, they decide that instead of selling Sue's condo, they could make some money by holding on to it and renting it out. But as first-time landlords, they don't know whether they need to report the rent they receive on their tax return and, if so, whether any of the money they spent to get the condo ready to rent is deductible.

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Original Article Source Credits:   Turbotax ,

Article Written By:  NA

Original Article Posted on:  October 16, 2021

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