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

company that charges 10% of...
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?
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Answered in 7 minutes by:
11/1/2010
socrateaser
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39,379
Experience: Retired (mostly)
Verified
$1,000 - $100 - $400 - $50 = $450 taxable, but you can also deduct depreciation expense.

Hope this helps.
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Customer reply replied 7 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
socrateaser, Lawyer
Category: Tax
Satisfied Customers: 39,379
Experience: Retired (mostly)
Verified
socrateaser and 87 other Tax Specialists are ready to help you
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Customer reply replied 7 years ago
I will try again. Do not know what happened
That worked. Thank you for your gift.

Peace and Happy Holidays.
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socrateaser
socrateaser
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Category: Tax
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