I wanna buy a condo for rental in LA, and I'm wondering do I need to pay any rental income tax? If so, what is the percentage of that?

Asked by michael, Los Angeles, CA Tue Jul 16, 2013

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carlos parra…, Other Pro, Monrovia, CA
Tue Jul 16, 2013
Rental income is income. All income is taxable. Talk to your accountant.
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Kathleen Bec…, Agent, Santa Monica, CA
Tue Jul 16, 2013
Both have answered your question below. You may want to check with your accountant to make sure what your income tax obligation will be. Keep in mind that you will pay tax on your NET income, not your Gross.
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Ron Escobar -…, Agent, Beverly Hills, CA
Tue Jul 16, 2013
you have to pay income taxes on any income you make. This includes rental income and it depends on your own personal bracket and circumstances... your tax advisor/preparer should be able to help you answer that specific question...

let me know if I can help you in any other way...

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Heather Paul, Agent, Santa Monica, CA
Tue Jul 16, 2013
You will have a few costs annually once you purchase the condo:
1. Property Taxes
2. Insurance
3. Rental Income Tax

The rental income tax will be a net calculated from the gross rental income less the expenses of leasing the property and maintenance. The percentage is based on your income and depends what tax bracket you are in. I would highly recommend seeking more in depth tax advice from an accountant or tax specialist.

If you need a buyers agent, full free to call me anytime as I would love to assist you.

Have a great day,
Heather Paul, Broker Associate, Realtor
Coldwell Banker
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