Chong

Lets say a person is retired, 71 yrs old.

If you get a monthly paycheck from your tenant, how do you show that
as your monthly income if you dont work and dont own your own
business?

Make a photocopy of your most recent check that the tenant write to
you? And get it notorized?

And can you say this is your monthly income?

But are you consided self-employed?

Very confusing, isnt it?

Mar-K

You file schedule E (Supplemental Income and Loss). If you do your own
taxes, and use Quicken or Turbo Tax (my preference), it will automatically
use the correct form when asking if you received any rental income. Then
that amount gets transferred to your 1040 somewhere on the front page, close
to line 12 where business income gets reported. It's way up above line 22
where you add it all up. Nice thing about rental income, you don't pay any
social security tax on it, unlike income from being self-employeed.

If this is a new rental and your first year as a landlord, yes, your idea of
a photo copy of the check and a copy of the rental agreement is about all
you can provide at this point. It will be the end of the year soon,
depending on where you are in your situation with the INS, you may be able
to get your taxes together before the end of the year and have your 1040
ready to show them along with schedule E.

Mark

Now, to answer your question like Mr Travel would;

if you are renting your house why not just get married to your tennant and
forget the whole k-1 thing, sounds like you are not ready for a commitment
anyway if you can't even file your own taxes.



(this is just a joke Chong, I love ripping on Mr Travel....LOL )


"chong" wrote in message
news:uigbpu0lbmgjmgentcimhjil-
[email protected]...
    > Lets say a person is retired, 71 yrs old.
    > If you get a monthly paycheck from your tenant, how do you show that
    > as your monthly income if you dont work and dont own your own
    > business?
    > Make a photocopy of your most recent check that the tenant write to
    > you? And get it notorized?
    > And can you say this is your monthly income?
    > But are you consided self-employed?
    > Very confusing, isnt it?

[email protected]

Mar-k wrote:
    > Mark
    > Now, to answer your question like Mr Travel would;
    > if you are renting your house why not just get married to your tennant and
    > forget the whole k-1 thing, sounds like you are not ready for a commitment
    > anyway if you can't even file your own taxes.
    > (this is just a joke Chong, I love ripping on Mr Travel....LOL )


What is this idiotic pleasure you gain from trying to piss me off

I have NEVER EVER suggested anyone not file a K-1 or any other visa
application.
I have assisted with quite a few questions here AND via personal email
in reply to
this and many other questions. You seemed to confuse my refusal to
surgarcoat things
as being opposed to assisting people with questions on the process.

Your reply was not quite adequate.
A copy of the rent check would NOT be sufficient as it doesn't take into
account
the expenses involved in renting property. For business and similar
income, INS counts
the net proceeds, not the gross proceeds.

Harvey Leems

It is only confusing because it sounds like this 71 YR old person is not
properly claiming this income on their tax return. One does HAVE TO claim
income for it to be useful on the I-864. If they ARE claiming it properly,
just show the tax returns to prove this income. No other method necessary.

--
Harvey Leems
"chong" wrote in message
news:uigbpu0lbmgjmgentcimhjil-
[email protected]...
    > Lets say a person is retired, 71 yrs old.
    > If you get a monthly paycheck from your tenant, how do you show that
    > as your monthly income if you dont work and dont own your own
    > business?
    > Make a photocopy of your most recent check that the tenant write to
    > you? And get it notorized?
    > And can you say this is your monthly income?
    > But are you consided self-employed?
    > Very confusing, isnt it?

Harvey Leems

Just put him on ignore. It makes life more enjoyable for sure.

--
Harvey Leems
wrote in message
news:[email protected]
t...
    > Mar-k wrote:
    > >
    > > Mark
    > >
    > > Now, to answer your question like Mr Travel would;
    > >
    > > if you are renting your house why not just get married to your tennant
and
    > > forget the whole k-1 thing, sounds like you are not ready for a
commitment
    > > anyway if you can't even file your own taxes.
    > >
    > > (this is just a joke Chong, I love ripping on Mr Travel....LOL )
    > What is this idiotic pleasure you gain from trying to piss me off
    > I have NEVER EVER suggested anyone not file a K-1 or any other visa
    > application.
    > I have assisted with quite a few questions here AND via personal email
    > in reply to
    > this and many other questions. You seemed to confuse my refusal to
    > surgarcoat things
    > as being opposed to assisting people with questions on the process.
    > Your reply was not quite adequate.
    > A copy of the rent check would NOT be sufficient as it doesn't take into
    > account
    > the expenses involved in renting property. For business and similar
    > income, INS counts
    > the net proceeds, not the gross proceeds.

Chong

Yah, this 71 yr old man is really claiming the income.

Even got a accountant to do it for him every year.

He cant get away with it cause he rather be honest than get into
heated water with the IRS. :-D



On Sun, 29 Sep 2002 14:35:22 GMT, "Harvey Leems"
wrote:

    >It is only confusing because it sounds like this 71 YR old person is not
    >properly claiming this income on their tax return. One does HAVE TO claim
    >income for it to be useful on the I-864. If they ARE claiming it properly,
    >just show the tax returns to prove this income. No other method necessary.