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Question

I have 2 properties that were in rental as of 1 Jan 2008. One was removed from rental in June 2008 to be placed on the market for sale . It did not sell so as of 1 Oct it was re-rented. The other property was in rental until 31 August at which time we moved in to the house. As we had rental income from both houses and expenses in the form of property Management fees and interest paid to a Mortgage holder. Does this situation indicate the need for a tax pro?

Submitted: 252 days and 16 hours ago.
Category: Tax
Value: $30
Status: CLOSED

Accepted Answer

Hello XXXXX,

The answer to your question depends on how comfortable you are in dealing with complex tax forms.

With rental properties, you need to declare all of your rental income, rental expenses and figure the allowed depreciation on the property. This is all reported on Schedule E.

You might want to review Schedule E and the instructions to see if this is something you are comfortable in dealing with. Otherwise, it might be worth your while to seek professional tax help, at least for this year, and then you can see how the forms are prepared and next year you would be better prepared to file your own forms.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you.

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Expert: Merlo
Pos. Feedback: 99.8 %
Accepts: 
Answered: 3/14/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

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