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Rental Real Estate Income, Deductions & Recordkeeping Workshop

MKG Tax Consultants-Consultancy Group
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Endorsed by Curators:
Nov 15 7:00PM - 10:00PM


About MKG Tax Consultants


Rental Real Estate Income, Deductions & Recordkeeping Workshop

If you own rental real estate, you should be aware of your federal tax responsibilities. All rental income must be reported on your tax return, and in general the associated expenses can be deducted from your rental income.


In This Seminar Property Owners will Learn

What is Considered Rental Income?

You generally must include in your gross income all amounts you receive as rent. Rental income is any payment you receive for the use or occupation of property. You must report rental income for all your properties.


In This Seminar Property Owners will Learn

What Deductions Can I Take as an Owner of Rental Property?

If you receive rental income from the rental of a dwelling unit, there are certain rental expenses you may deduct on your tax return.


In This Seminar Property Owners will Learn

How Do I Report Rental Income and Expenses?

If you rent real estate such as buildings, rooms or apartments, you normally report your rental income and expenses on Form 1040, Schedule E, Part I. List your total income, expenses, and depreciation for each rental property on the appropriate line of Schedule E. See the Instructions for Form 4562 to figure the amount of depreciation to enter on line 18.


In This Seminar Property Owners will Learn

What Records Should I Keep?

Good records will help you monitor the progress of your rental property, prepare your financial statements, identify the source of receipts, keep track of deductible expenses, prepare your tax returns and support items reported on tax returns.

You need good records to prepare your tax returns. These records must support the income and expenses you report. Generally, these are the same records you use to monitor your real estate activity and prepare your financial statements.

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