As a building owner living in the building, how does your rental income and building expenses figure into your tax picture? Let’s say the mortgage was paid off and the two rentals brought in 24k a year and the total building expenses (heat\/insurance\/water\/misc repairs\/etc) was about 24k a year too, how are you taxed on that rental income? How do the building expenses figure into the tax picture? I’m a total newbie on this and no tax whiz, so feel free to school me. I’ll invariably consult a lawyer, but I figure many of you probably are quite familiar with the subject. Thanks!<\/p>\n","protected":false},"excerpt":{"rendered":"
As a building owner living in the building, how does your rental income and building expenses figure into your tax picture? Let’s say the mortgage was paid off and the two rentals brought in 24k a year and the total building expenses (heat\/insurance\/water\/misc repairs\/etc) was about 24k a year too, how are you taxed on…<\/p>\n","protected":false},"author":28850,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"schneps_byline":"","schneps_post_style":"","schneps_post_source":"","schneps_syndicated_read_more":"","schneps_post_source_sitename":"","schneps_syndicated_thumb_html":"","schneps_syndicated_thumb_src":"","schneps_post_source_shortname":"","schneps_post_source_url":"","schneps_post_source_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[63],"tags":[],"districts":[],"class_list":["post-35140","post","type-post","status-publish","format-standard","hentry","category-taxes"],"acf":[],"parsely":{"version":"1.1.0","canonical_url":"https:\/\/brownstoner.com\/forum-archive\/2009\/08\/taxes-and-renta\/","smart_links":{"inbound":0,"outbound":0},"traffic_boost_suggestions_count":0,"meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Taxes and Rental Expenses","url":"http:\/\/www.brownstoner.com\/forum-archive\/2009\/08\/taxes-and-renta\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.brownstoner.com\/forum-archive\/2009\/08\/taxes-and-renta\/"},"thumbnailUrl":"","image":{"@type":"ImageObject","url":""},"articleSection":"Taxes","author":[{"@type":"Person","name":"yanks21"}],"creator":["yanks21"],"publisher":{"@type":"Organization","name":"Forum Archive","logo":""},"keywords":[],"dateCreated":"2009-08-13T10:52:04Z","datePublished":"2009-08-13T10:52:04Z","dateModified":"2009-08-19T17:46:56Z"},"rendered":"