How do I report Section 8 rental income on my tax return? I am the landlord. It's in PA....?

Question

this is the first time i will be renting the apt out. any ideas on where i can find tax/legal info on it? I need to figure out how it will affect my bottom line to see if i want to do it.

Answer 1

You figure your income and expenses, according to Schedule E of Form 1040.  From your gross rents your can take mortgage interest, isurance, repairs, and more.

You will pay income tax on the net profit.  In some cases, you will have a loss which can reduce your other income.

Here are the instructions to Schedule E to get you started:

http://www.irs.gov/pub/irs-pdf/i1040se.p...

Answer 2

The same as any other rental income