Originally posted by taxmom34
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MFJ under filing threshhold, but
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A taxpayer does NOT have to file a return just because he has rental income and there would be a Schedule E in his return. The IRS instructions (on page 7) very clearly set forth the filing requirements. In most cases it's based on "gross income," and that varies according to the filing status. When figuring gross income for "do I have to file" purposes, the total rents reported on line 3 of Schedule E are counted, but the expenses (including depreciation) are not. There are, of course, situations when the filing of a return is required that fall outside the normal "gross Income" levels ... $400 in S-E income being one of them.
If a taxpayer is not required to file, he must still calculate depreciation the same as always, and he must also track his PAL carryovers.
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you need to file a 1040 with a Sch E. There should be depreciation items etc that carryover from year to year.
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I thought it was the same as self employed income over $400 gross.
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Originally posted by carolf View PostTaxpayers are under the filing threshhold, but they have rental income. It seems to me that they would still have to file a return. Correct?
I can't find anything regarding this situation.
Thank you!
chris
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If gross income is over the filing threshold they will have a filing obligation.
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MFJ under filing threshhold, but
Taxpayers are under the filing threshhold, but they have rental income. It seems to me that they would still have to file a return. Correct?
I can't find anything regarding this situation.
Thank you!Tags: None
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