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Wayne, Other/Just Looking in Orlando, FL

i am looking to rent my house in orlando, florida.

Asked by Wayne, Orlando, FL Tue Dec 18, 2007

is the amt i receive for it considered income even if all of it goes towards the mortgage? also is the a guide to whitch i can follow?

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Yes, it will be considered income on your Federal Income tax. However, you can offset the income with the mortgage interest, taxes, insurance, and other expenses of caring for the property. Use the pamphlet put out by the IRS to put it into place--the only thing left for "income" will be whatever you got after ALL your expenses!!
Web Reference: http://www.myketriebold.com
1 vote Thank Flag Link Wed Dec 19, 2007
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