Updated over 5 years ago on . Most recent reply
Rental Income Taxes Guidance - Orlando, FL
Am a US foreigner and purchased (cash) a property in Orlando, FL in order to rent it long-term. Based on my understanding I would need to pay taxes on rental income and there’s 2 ways on how to do this:
1) Need to pay 30% based on gross rent income....
2) Or, I can apply for an Individual Taxpayer Identification Number (ITIN) and pay X% based on net rent income - as i can apply deductions towards expenses...
So my questions are for option (2) what is the tax % that applies to the net income? (10%, 15%, 20%)....what deductions I can apply for and what evidence I need to supply for such expenses....for example can I add repairs, CaPex, etc as deductions? Even though if i didnt do any of that work that year?....
Anyhow, any guidance re this topic is much appreciated!!
Btw: I still need to engage with a CPA which I will later on but meanwhile wanted to pick expertise from you guys