Just rented my home. What to do now? TAX

[Ryan]

Retried and moved overseas. Rented my stateside home. This is the first time doing so. Was told I need to pay taxes......before the end of the year. I must obtain an ID number of some sort. Sorry, the process of moving overseas with out the help of a company or military can be very stressful. Not that things are starting to calm down a little.....need to take car of my "paper work". Dont want to anger Uncle Sam. Thanks.

 

[bison]

You should open a small business and handle all income, expenses, and taxes through it. You should contact an accountant that handles small business accounting in your state. They will know exactly what to do and can take care of filing the business info and tax schedule. States vary in their requirements. CPA's aren't very expensive and can save you a lot of time.


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[EVIL]

Yep. Your accountant will know exactly what to do.

It may be as easy as claiming income.

D