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I live in Texas. If I buy property and rent it out in Arizona

will I have to pay...
I live in Texas. If I buy property and rent it out in Arizona will I have to pay AZ Income taxes on the profits I make from Arizona? Or, will I avoid them because I reside in Texas where there is no state income tax?
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Answered in 6 minutes by:
11/3/2010
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,803
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good evening. Since the income is earned in Arizona, you are required to file an Arizona state income tax return on income earned in Arizona. But, this will be net income...after the deduction of not only your out of pocket costs such as taxes, insurance, interest, maintenance, broker fees, etc., but also depreciation. This will reduce the net income subject to tax significantly.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,803
Experience: 29 years of experience as a tax, real estate, and business attorney.
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