Quick question on taxes
Our house was rented out for the first 5 months of 2009. Last year it was the full year (2008) We got an end of year tax letter from the property agent for 2008. They didn't send one for 2009? I have tried to contact them to ask for the numbers, but they are not answering the phones, or responding to the numerous messages I left.
I heard from a neighbor yesterday that they have gone out of business, any ideas on how I get the info for the taxes now? Would it be a big no-no to just forget about the house being rented for those 5 months? and just claim as if we were living in it for the full year:confused: |
Re: Quick question on taxes
Originally Posted by Englishtart
(Post 8262873)
Our house was rented out for the first 5 months of 2009. Last year it was the full year (2008) We got an end of year tax letter from the property agent for 2008. They didn't send one for 2009? I have tried to contact them to ask for the numbers, but they are not answering the phones, or responding to the numerous messages I left.
I heard from a neighbor yesterday that they have gone out of business, any ideas on how I get the info for the taxes now? Would it be a big no-no to just forget about the house being rented for those 5 months? and just claim as if we were living in it for the full year:confused: As far as not reporting it, I would not like to feel the wrath of the IRS. We all cheat a little but IMO that's pushing it quite a bit too far. |
Re: Quick question on taxes
Originally Posted by sykes
(Post 8262886)
you don't know how much you recieved in income from your rental property?
As far as not reporting it, I would not like to feel the wrath of the IRS. We all cheat a little but IMO that's pushing it quite a bit too far. I'm not looking to cheat the IRS, just wondered if it would be a big deal, we didn't even make enough rent to pay the full mortgage, so it's not like we made any money from it.:huh: The whole US taxes thing still confuses me. (nothing unusual there though to those that know me:lol:) |
Re: Quick question on taxes
Originally Posted by Englishtart
(Post 8262933)
Well, I guess we could just multiply the months rented in 2009 by the monthly income from 2008, it was the same rental price etc:confused:
I'm not looking to cheat the IRS, just wondered if it would be a big deal, we didn't even make enough rent to pay the full mortgage, so it's not like we made any money from it.:huh: The whole US taxes thing still confuses me. (nothing unusual there though to those that know me:lol:) I am still a little lost as to how you don't know your income from the property? Property management companies normally collect the rent for you? If so how did they give you your portion, or are you still owned monies from this now defunked company? |
Re: Quick question on taxes
Originally Posted by sykes
(Post 8262966)
sounds like you might be able to write off nearly all you made. You can write off the interest on the mortage and any other expenses (prop tax, advertizing, untilities etc).
I am still a little lost as to how you don't know your income from the property? Property management companies normally collect the rent for you? If so how did they give you your portion, or are you still owned monies from this now defunked company? |
Re: Quick question on taxes
Originally Posted by Englishtart
(Post 8262933)
I'm not looking to cheat the IRS, just wondered if it would be a big deal, we didn't even make enough rent to pay the full mortgage, so it's not like we made any money from it.:huh:
The whole US taxes thing still confuses me. (nothing unusual there though to those that know me:lol:) |
Re: Quick question on taxes
Originally Posted by meauxna
(Post 8263017)
One thing to know about the US taxes thing is that you have to report the *income*. You may only get taxed on the profit, but it doesn't matter if you didn't make any, you still have to show the income.
I get what you are saying, I will just have to go hunting through boxes of paperwork to find all the 'old' statements from the P.A!:frown: We will work it out somehow, definitely no profit made, so not worried about owing the IRS any money...that is what I was getting at in a round about way really, it's not like they would be losing money, nor us making any by not declaring the rental:confused: |
Re: Quick question on taxes
Originally Posted by Englishtart
(Post 8263044)
Thanx Mo, hubby is 'uber' honest with regards taxes or anything, he walked out accidentally carrying a small pack of tissues from walmart after he had opened them to sneeze into, even though it was Xmas and the lines were for sh!t, he still went back and waited 20 mins to pay for them! :wub: (I try to live up to him :huh: )
I get what you are saying, I will just have to go hunting through boxes of paperwork to find all the 'old' statements from the P.A!:frown: We will work it out somehow, definitely no profit made, so not worried about owing the IRS any money...that is what I was getting at in a round about way really, it's not like they would be losing money, nor us making any by not declaring the rental:confused: |
Re: Quick question on taxes
Originally Posted by sykes
(Post 8263065)
Its best not to mess with the IRS, they do not look fondly on withholding information. Report the income, report the deductions. Hopefully the deductions will exceed the income. its a PITA but best to do it now rather than latter.
|
Re: Quick question on taxes
Hi: people lose their tax records all the time; often it's possible to reconstruct your records from bank statements, or by doing a calculation based on information from a contract.
As long as you can show reasonable basis for anything you put on your tax return, you should be fine. |
Re: Quick question on taxes
Originally Posted by Peter Newton
(Post 8266656)
Hi: people lose their tax records all the time; often it's possible to reconstruct your records from bank statements, or by doing a calculation based on information from a contract.
As long as you can show reasonable basis for anything you put on your tax return, you should be fine. |
Re: Quick question on taxes
My suggestion would be to spend the money on buying Turbo Tax (or similar) and let it do the work for you. If you rented it for less that the cost of the mortgage you should be able to deduct that and it should help with the refund!
My hubby has his own small business and I would be lost doing our taxes without Turbo Tax!! :blink: |
Re: Quick question on taxes
Originally Posted by kwilson
(Post 8268967)
My suggestion would be to spend the money on buying Turbo Tax (or similar) and let it do the work for you. If you rented it for less that the cost of the mortgage you should be able to deduct that and it should help with the refund!
My hubby has his own small business and I would be lost doing our taxes without Turbo Tax!! :blink: |
All times are GMT. The time now is 11:39 am. |
Powered by vBulletin: ©2000 - 2024, Jelsoft Enterprises Ltd.
Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.