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I have accountant question to ask. Is this confidential. If…

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Hi I have accountant...

Hi I have accountant question to ask

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Is this confidential

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Ok if you were trying rent out a property you own what would be best way to not pay taxes

Accountant's Assistant: Is there anything else the Accountant should be aware of?

O No

Submitted: 6 months ago.Category: Finance
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Answered in 2 hours by:
1/6/2018
Financial Professional: bkb1956, Finance Enthusiast replied 6 months ago
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,358
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

If you are renting property to make a profit, there is no way not to pay taxes on your NET rental income (gross rental minus expenses).

If you do not rent your property to make a profit, you can deduct your rental expenses only up to the amount of your rental income and cannot deduct a loss.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Financial Professional: bkb1956, Finance Enthusiast replied 6 months ago

Just following up with you to see if you have any other questions. If so, please let me know so I can continue to help you.

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