Have Finance Questions? Ask a Financial Expert Online.
I'm Anne. I've been preparing taxes for 27 years and I'll be happy to help you.
You will need to pay income tax on the rental income less your expenses, (real estate taxes, mortgage interest, utilities, repairs, depreciation, etc) Please see below for more indepth information:
If you have any questions, please post them here and I'll be notified
If this answer has been helpful please take the moment to rate positive ( by clicking on the stars)
It is ONLY through positive ratings that we are compensated for our time and knowledge
Thank you for choosing justanswer.