New answers tagged income
What about web-hosting fees? Cost of Internet service? Cost of computer equipment to do the work? Amortized cost of development? Time for support calls/email? Phone service used for sales? Advertising/marketing expenses? Look hard--I bet there are some costs.
They will include the rental income into the calculation. They don't give you a 100% credit for the income because they have to factor that you might have a gap between tenants. Years ago they only credited me with 66% of the expected monthly income. Example: $600 Principal, Interest, Taxes, Insurance, Condo Fee $400 Rent credit (2/3 of the $600 in rent ...
You only report the bottom line on your form 1040 (it goes to line 13/14). All the calculations are done on Schedule D/Form 4797. So the order doesn't matter, and it is "above the line" - the net result (i.e.: gains reduced by the losses) is calculated into the AGI. Remember that losses can only be deducted up to a certain limit, above which you'll have to ...
Top 50 recent answers are included