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Salaried employees owning a rental side venture can benefit from extra income, yet they must handle new tax obligations. This guide explains what you must know to remain compliant, reduce liability, and maximize deductions.

INTRODUCTION

If you receive a steady salary and own a rental property, the IRS views the rental income as passive. Even though you’re not a full‑time landlord, the same rules that apply to anyone who rents property apply to you. Understanding these rules early can help you avoid surprises when you file your return.

TAXABLE INCOME FROM RENTALS

1. Total Rental Income – Sum all rent payments received during the year. Add any security deposits that are refunded to tenants.
   
   
2. Additional Income – If you charge for parking, laundry, or other services, those amounts are also taxable.
   
   
3. Reporting – Rental income and expenses are reported on Schedule E (Supplemental Income and Loss). The form is attached to your Form 1040.
   
   

DEDUCTIBLE EXPENSES

You may deduct ordinary and necessary expenses from your gross rental income. Typical deductions include:

• Mortgage interest plus property taxes
  
• Insurance premiums covering the rental property
  
• Repairs but not improvements
  
• Utilities paid by you for tenants
  
• Professional services such as accounting, legal, property management
  
• Depreciation of the building, excluding the land
  
• Advertising, moving expenses, and office supplies used for rental operations
  
  

Depreciation is calculated using the Modified Accelerated Cost Recovery System (MACRS). For residential property, the recovery period is 27.5 years. You can use the IRS depreciation tables or a spreadsheet to keep track.

Depreciation is calculated using the Modified Accelerated Cost Recovery System (MACRS). The recovery period for residential property is 27.5 years. You can refer to IRS depreciation tables or a spreadsheet to track it.

SPECIAL RULES FOR SALARIED WORKERS

Since you have payroll tax withholding, the IRS won’t double‑tax your rental income. Yet, you must pay self‑employment tax if your rental activity is deemed a trade or business. Typically, residential rentals are passive, so the 15.3% self‑employment tax is not applied. If you are actively managing the rental—frequent repairs, showing the property, or providing significant services—IRS may view it as a business, triggering self‑employment tax.

CONSOLIDATED DEDUCTIONS

Should your rental loss be less than $25,000 and you file jointly, you could offset up to $25,000 of ordinary income if you satisfy the "active participation" test. Once your adjusted gross income exceeds $100,000, the deduction phases out. Salaried employees should monitor their AGI closely to determine if they qualify for this benefit.

STATE AND LOCAL TAXES

Many states tax rental income like the federal government does, but some add extra requirements:

• California: Requires a real property tax return (Form 593) if you own a rental in the state
  
• New York: Requires a separate filing for rental income and may impose additional local taxes in some jurisdictions
  
  

Consult your state tax agency for specific deadlines and forms.

RECORD KEEPING BEST PRACTICES

• Maintain a dedicated bank account for rental income and expenses
  
• Store receipts, invoices, and bank statements electronically
  
• Keep a mileage log when driving to the property for repairs or tenant meetings
  
• Keep a calendar of major repairs and improvements to facilitate depreciation calculations
  
  

FILING TIPS

1. E‑file – Most taxpayers file electronically, which speeds up processing and reduces errors.
   
   
2. Schedule E – Verify that income and expenses balance.
   
   
3. Tax Software – Many programs have a "Rental Property" module that automates depreciation and expense tracking.
   
   
4. Professional Advice – If your rental income is large or you’re unsure about passive loss limits, seek a CPA specializing in real estate taxation.
   
   

COMMON PITFALLS

• Mixing Personal and Rental Expenses – Personal utilities or mortgage payments must be divided if they serve both personal and 節税対策 無料相談 rental purposes.
  
  
• Improvement vs. Repair – A new bathroom addition is an improvement and should be depreciated, not deducted immediately.
  
  
• Unreported Security Deposits – Retaining a security deposit that isn’t returned is treated as income.
  
  
• Failure to File Schedule E – Missing this form can trigger penalties and additional scrutiny from the IRS.
  
  

CONCLUSION

Side rentals can be a valuable supplement to a salaried worker’s income, but they come with tax responsibilities that differ from your regular paycheck. Reporting rental income accurately, using legitimate deductions, and staying organized keeps tax liability low and prevents costly errors. Keep records tidy, monitor passive loss limits, and, when unsure, consult professionals to keep your side rental profitable and compliant.