If I have a rental house that’s giving us $377 positive cash after mortgage is paid, how much in taxes will be owed? 9 Answers as of March 03, 2014

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David Hoines Law
David Hoines Law | David Hoines
Depends on your other income and your tax bracket you don't deduct principle portion of any mortgage payment.
Answer Applies to: Florida
Replied: 3/3/2014
Stuart P Gelberg
Stuart P Gelberg | Stuart P Gelberg
Ask a tax professional. It will depend on your tax bracket, your write offs and other factors that can't be answered without much more info.
Answer Applies to: New York
Replied: 2/27/2014
Edward L. Armstrong, P.C. | Edward L. Armstrong
If you have a rental property that gives you a $377 positive cash flow after make the mortgage payments and if there are no other expenses that you incur with regard to the maintenance of that property which you hold for rent then your taxable on the entire net amount so if after paying the mortgage payments it will depend on whether the taxes and insurance are held in escrow in our party your payment or whether you pay those separately. If there are other upkeep expenses of the property of course you're entitled to deduct those in arriving at the net amount of taxable income.
Answer Applies to: Missouri
Replied: 2/27/2014
Polsinelli Shughart PC | William B. Prugh
Sorry, but not enough facts to answer your question. The gross rental you receive is reported along with applicable deductions & expenses of the rental property. The net amount is taxable income at your regular income tax rate. The amount of cash flow while a positive factor does not affect the amount of net rental income that is taxable. Consult the IRS rental income schedule (I think it is Schedule E) or attachment for rental property for details.
Answer Applies to: Missouri
Replied: 2/27/2014
Peters Law, PLLC
Peters Law, PLLC | Mark T. Peters, Sr.
You need to talk with your accountant. Are there other costs associated with the property, e.g. liability insurance, taxes. It also depends on your tax rate.
Answer Applies to: Idaho
Replied: 2/26/2014
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