How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask socrateaser Your Own Question
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 37842
Experience:  Retired (mostly)
Type Your Tax Question Here...
socrateaser is online now
A new question is answered every 9 seconds

If I have a house rented out for $1000 per month using a management

This answer was rated:

If I have a house rented out for $1000 per month using a management company that charges 10% of the rent, and my my note is $700 per month and I average $50 per month in maintenance expenses and average $400 per month in mortgage interest, how much is my taxable income for the yeat from this property?
$1,000 - $100 - $400 - $50 = $450 taxable, but you can also deduct depreciation expense.

Hope this helps.
Customer: replied 5 years ago.
I am curious as to why this is still up here. Did you not get paid when I accepted your answer? Let me know.
According to my information, you did not click Accept for this answer. You are certainly welcome to do so, now, if you wish.
socrateaser and 3 other Tax Specialists are ready to help you
Customer: replied 5 years ago.
I will try again. Do not know what happened
That worked. Thank you for your gift.

Peace and Happy Holidays.