How do I report rental income on my taxes?
An example of an AI chatbot conversation about reporting rental income on taxes.
How do I report rental income on my taxes?
To report rental income, you'll need to use Schedule E (Form 1040) to report your rental income and expenses.
What expenses can I deduct from my rental income?
You can deduct expenses like mortgage interest, property tax, repairs, and depreciation.
Do I need to report rental income if I only rented it out for a few months?
Yes, you must report any rental income you receive, regardless of the duration.
What if I have a loss on my rental property?
You can deduct rental losses against other income, but there are specific rules to follow.
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