What a terrific amount of information, thank you.
And yes, I do plan to enlist a professional before 2023, but wish to get an idea of what to expect.
My apologies for my follow up questions and not understanding everything, English is not my primary language.
The Standard deduction allows people with a low yearly income to not have to submit a tax return, correct?
If so and one is able to reduce the taxable rent received as originally described, along with taking the standard deduction and remain under the taxable threshold, then why would one be obligated to submit a return? I am guessing that there are some other rules at play when involving rental income?
As Carl pointed out in this regard “…That does not negate your requirement to report it on your tax return through.”
Is it possible that "reporting it on your tax return" can mean keeping track of the figures if called upon at a later date, but not submitting it, as is the case in some countries.
Again my apologies for the lack of English prowess.
Any additional info or clarification would be appreciated.
Cheers
