Paid for property

[Will Bert]

A friend of mines has a house that is paid for and empty. I asked why not rent it out and they had no clue on how or what to do. I told them to come here but they are older and not into computers. So I will post a question for them.

If the property is paid off and they decide to rent it would they have to pay taxes on the rent collected?

[Kyle J.]

Yes, you still have to pay taxes on any profit. The only real difference is that your friend won't have any mortgage interest to offset the income. Not a big deal though. It doesn't make any sense to leave a house vacant to avoid paying taxes, if that is his reason.