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Employees with side rental properties can earn additional income, yet they encounter additional tax duties. Here’s what you should know to stay compliant, limit liability, and fully utilize deductions.

INTRODUCTION

If you receive a steady salary and own a rental property, the IRS treats the rental income as passive income. Even though you’re not a full‑time landlord, the same rules that apply to anyone who rents property apply to you. Knowing these rules in advance can prevent surprises on your return.

TAXABLE INCOME FROM RENTALS

1. Gross Rental Income – Add together every rent payment you receive during the year. Include any security deposits that are actually returned 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 can deduct ordinary and necessary expenses from your gross rental income. Commonly deductible items include:

• Mortgage interest and local property taxes
  
• Rental property insurance premiums
  
• Repair costs, excluding improvements
  
• Utilities paid by you for tenants
  
• Professional services (accounting, legal, property management)
  
• Depreciation of the building (not 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). For residential property, the recovery period is 27.5 years. You can refer to IRS depreciation tables or a spreadsheet to track it.

SPECIAL RULES FOR SALARIED WORKERS

Because payroll tax withholding is already in place, the IRS won’t double‑tax your rental income. Still, you must pay self‑employment tax if your rental activity qualifies as 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

If your rental loss is below $25,000 and you file a joint return, you might offset up to $25,000 of ordinary income, 確定申告 節税方法 問い合わせ given you meet 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

Most states tax rental income similarly to federal rules, though some impose extra requirements:

• California: Requires filing a real property tax return (Form 593) if you own a rental property in California
  
• 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

• Use a separate 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 – Filing electronically is common and speeds processing while reducing 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 split if they serve both personal and 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 – Not filing this form can lead to penalties and increased IRS scrutiny.
  
  

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.