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2. 11 Tax Deductions You Can Take If You Have Rental Income - AOL

   www.aol.com/11-tax-deductions-rental-income...

   Here’s a list of common tax deductions if you have rental income: Mortgage interest. Property tax. Operating expenses. Depreciation. Repairs, including materials and supplies. Interest. Taxes ...

3. Internal Revenue Code section 1031 - Wikipedia

   en.wikipedia.org/wiki/Internal_Revenue_Code...

   The property must only be used personally for 2 weeks or 10% of the time rented. You can maintain the property for an unlimited amount of time, but documentation must be kept for these activities. The property should be placed on Schedule E of your tax return and reported as income property.

4. These tax moves are most likely to trigger an audit - AOL

   www.aol.com/article/finance/2020/02/28/these-tax...

   Schedule E - Rental Property Expenses The adoption of the Tax Cuts and Jobs Act increased the standard deduction so much that for most taxpayers it no longer makes sense to itemize deductions.

5. Mortgage Interest Deduction: Limits and How It Works - AOL

   www.aol.com/finance/mortgage-interest-deduction...

   This official tax form will show how much you paid in mortgage interest and points. ... if you are deducting interest on rental properties, you must use Schedule E of Form 1040. ... Property tax ...

6. IRS tax forms - Wikipedia

   en.wikipedia.org/wiki/IRS_tax_forms

   Schedule D is used to compute capital gains and losses incurred during the tax year. NOTE: Along with Schedule D, Form 8949 and its Instructions may be required. Schedule E is used to report income and expenses arising from the rental of real property, royalties, or from pass-through entities (like trusts, estates, partnerships, or S corporations).

7. Adjusted gross income - Wikipedia

   en.wikipedia.org/wiki/Adjusted_gross_income

   Gross income is reported on U.S. federal individual income tax returns (Form 1040 series) type of income. Supporting schedules and forms are required in some cases, e.g., Schedule B [5] for interest and dividends. Income of business and rental activities, including those through partnerships or S corporations, is reported net of the expenses of ...