Rasmey Rentals » income http://www.ramsey-rentals.com Mon, 13 Dec 2010 04:29:55 +0000 en hourly 1 http://wordpress.org/?v=3.0.4 How do I report my property if I own the house and receive rental income from tenants living WITH me? http://www.ramsey-rentals.com/how-do-i-report-my-property-if-i-own-the-house-and-receive-rental-income-from-tenants-living-with-me/ http://www.ramsey-rentals.com/how-do-i-report-my-property-if-i-own-the-house-and-receive-rental-income-from-tenants-living-with-me/#comments Wed, 27 Jan 2010 12:54:42 +0000 http://www.ramsey-rentals.com/how-do-i-report-my-property-if-i-own-the-house-and-receive-rental-income-from-tenants-living-with-me/ I purchased a home in 3/07 as my primary residence. I am young so I also have roommates living with me. How do I report this property and the rental income? Investment income? Rental property?

I just went through turbotax and I am pretty confused about this. Thanks for your help!

]]> http://www.ramsey-rentals.com/how-do-i-report-my-property-if-i-own-the-house-and-receive-rental-income-from-tenants-living-with-me/feed/ 1 To reduce my income on rental property, can I prepay utilities and declare as expense this year? http://www.ramsey-rentals.com/to-reduce-my-income-on-rental-property-can-i-prepay-utilities-and-declare-as-expense-this-year/ http://www.ramsey-rentals.com/to-reduce-my-income-on-rental-property-can-i-prepay-utilities-and-declare-as-expense-this-year/#comments Wed, 27 Jan 2010 04:24:44 +0000 http://www.ramsey-rentals.com/to-reduce-my-income-on-rental-property-can-i-prepay-utilities-and-declare-as-expense-this-year/ I want to reduce my taxable income and so I’m thinking of prepaying my gas, electric, water and garbage on my rental property and declaring these expenses on the Schedule E in the 2007 tax return? Allowed even though technically the charges haven’t accrued yet?

]]> http://www.ramsey-rentals.com/to-reduce-my-income-on-rental-property-can-i-prepay-utilities-and-declare-as-expense-this-year/feed/ 1 How does rental property affect your income to debt ratio? http://www.ramsey-rentals.com/how-does-rental-property-affect-your-income-to-debt-ratio/ http://www.ramsey-rentals.com/how-does-rental-property-affect-your-income-to-debt-ratio/#comments Tue, 26 Jan 2010 00:39:30 +0000 http://www.ramsey-rentals.com/how-does-rental-property-affect-your-income-to-debt-ratio/ We have made an offer on a new house. We are considering turning our current house into a rental property and are extremely confident it would rent quickly.

I guess my real question is this: will the rental income “wash out” the debt owed on the house, or when we get our financing in order will they just look at the debt owed on the current mortgage?

Thank you!

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