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Salaried workers who take on a side rental property can benefit from extra income, yet they encounter additional tax duties. 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. Although you’re not a full‑time landlord, the same rules that apply to all rental property owners apply to you. Familiarizing yourself with these rules early can stop unexpected tax issues when filing.

TAXABLE INCOME FROM RENTALS

1. Total Rental Income – Sum all rent payments received during the year. Include any security deposits that are actually returned to tenants.
   
   
2. Supplemental Income – Fees for parking, laundry, or 節税対策 無料相談 other services are taxable.
   
   
3. Reporting – You report rental income and expenses on Schedule E, which attaches to your Form 1040.
   
   

DEDUCTIBLE EXPENSES

You can subtract ordinary and necessary expenses from your gross rental income. Common deductions include:

• Mortgage interest and local property taxes
  
• Rental property insurance premiums
  
• Repair costs, excluding improvements
  
• Utilities paid by you for tenants
  
• Professional services such as accounting, legal, property management
  
• Depreciation of the building but not the land
  
• Advertising for tenants, moving costs, and office supplies used for rental work
  
  

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 uses the Modified Accelerated Cost Recovery System (MACRS). Residential properties recover over 27.5 years. You can use the IRS depreciation tables or a spreadsheet to keep track.

SPECIAL RULES FOR SALARIED WORKERS

Since you have payroll tax withholding, 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, 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

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

• California: Must file a real property tax return (Form 593) when owning a rental in California
  
• New York: Requires a separate filing for rental income, and may impose an additional local tax in certain jurisdictions
  
  

Verify with your state tax authority to find filing deadlines and required forms.

RECORD KEEPING BEST PRACTICES

• Maintain a dedicated bank account for rental income and expenses
  
• Store receipts, invoices, and statements electronically
  
• Maintain a mileage log if you drive 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 – Most tax software includes a "Rental Property" module for automated depreciation and expense tracking.
   
   
4. Professional Advice – For significant rental income or uncertainty about passive loss limits, consult a CPA who specializes in real estate taxes.
   
   

COMMON PITFALLS

• Mixing Personal and Rental Expenses – Personal utilities or mortgage payments must be apportioned 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 – If you keep a security deposit that is not returned, it is considered income.
  
  
• Failure to File Schedule E – Missing this form can trigger penalties and additional scrutiny from the IRS.
  
  

CONCLUSION

Side rentals may boost a salaried worker’s income, yet they carry tax duties distinct from your regular paycheck. Accurate reporting, legitimate deductions, and organization help keep tax liability low and avoid costly mistakes. Keep records tidy, monitor passive loss limits, and, when unsure, consult professionals to keep your side rental profitable and compliant.