Wednesday, March 23, 2016

Generally speaking… How much should I be expecting to pay in taxes for rental income?


This is nothing I m jumping into, as I have a LOT to learn. But I m taking this step by step and this is one of many questions I have.

Let s say for example I have a mortgage for a 50k house at 200/month and I m renting it out for 700.

Based on my $500/month (6k-Annual), in the state of FL GENERALLY speaking, can anyone give me some sort of ballpark figure as to how much I may pay for one year s taxes based on rental income alone?

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