I am a student living internationally. I rent my house in Oregon but I do not have any net income. I am wondering if I need to file a tax return this year because I still pay property taxes on my house. Will I get any money back from the property tax I pay?
Yes, you must still file an income tax return even though your net income is zero. You must report your rental income and expenses. If the income minus expenses result in a loss, you will be able to claim this loss against future income.
Unfortunately, you will not get any money back from the property tax you pay.
Yes, you must still file an income tax return even though your net income is zero. You must report your rental income and expenses. If the income minus expenses result in a loss, you will be able to claim this loss against future income.
Unfortunately, you will not get any money back from the property tax you pay.
I own a house, not income property and unemployment. Would I get penalized by IRS since I own a house and don't have an income?
No, if you are not required to file a tax return if you have no taxable or reportable income. @Jkoolz01
[Edited 01/20/2020|11:45pm PST]
In this case, do you need to file both Federal and non-resident State for Oregon?
@qq1960 If you have no Income and are not required to File a Federal tax return, you probably don't need to file a state return either.
Click this link for more info on Federal Filing Requirements.
This link has Oregon Filing Requirements.
Thanks. In other word, if you need to file Fed return with the income earned at other state, you will have to file the Oregon Non-resident return for the rental property net-income is zero (at a loss). Is this correct?
Yes, that is correct. Here is a link to the instructions for filing an Oregon NR Return:
One of my houses that i own and let my stepson and family live in it free/ I pay all taxes and repairs. I was under the understanding thar since family live in that house i could not claim anything becouse i am not getting any income from it.I have owned the house for 10 years and never claimed it. my email is [email address removed].
You do NOT have a reportable rental property.... you just have a second home where family lives which is NOT reported on an income tax return.
@truttger1 but if this is a 2nd home. the property taxes and mortgage interest are deductible if you itemize.
@Carl Please note that the original poster---who posted in 2019 or before --- is the one who is a student living internationally. The most recent question in this thread is not from that student. The most recent question is from a person who is allowing family members to live in a second home that they own. Your reply may be confusing to that person.
Thanks @xmasbaby0
I just removed my response entirely, as it just added to confusion. Sure wish once the OP marked the thread as answered, it would auto-lock so other's couldn't add to it. 🙂
@Carl These old threads can really get confusing. Some of them keep going and going for years.
I know i still have to file taxes. I was asking my step son and family live in one of my houses,and i pay everything.Can i deduct repairs and taxes i paid for this house,since there is no income for this house. I was told that since it was a family member that i could not deduct anything.
@ronglenna1 if this is a 2nd home, you can deduct mortgage interest and property tax on schedule A, assuming you itemize. but you state this is 'one of your homes' does that imply more than 2? (don't worry about any rentals),