Rental income

[sccbfrederick]

We are adding a studio apartment for rent to our main home. How do we file the rental income properly? Can we claim any expenses?

[Paul_W1]

Hello sccbfrederick,

Welcome to our event today.  Glad to have you here.  It is my understanding of your question, you have acquired a studio apartment and will be using that for rental income.  I have a great resource to you provide you.  https://www.irs.gov/businesses/small-businesses-self-employed/rental-income-and-expenses-real-estate....  You will be using a new tax form called 1040, Schedule E.  On this form, you will input rental income and expenses.  Based upon your own filing status and income you may get some tax deductions.  I also included another IRS link https://www.irs.gov/taxtopics/tc414 about rental income and expenses.  Hope all this information helps.  Thank you for allowing me to assist you.  Have a great day.