Buying & Renting Real Estate : House Renting & Taxes

Buying & Renting Real Estate : House Renting & Taxes


Hello, my name is Penny Smith and I’m a real
estate broker in North Carolina. I’d like to talk to you today about house renting and
taxes. Well as most of you know, if you’re renting a house, you’re not going to get the
tax deduction on your income tax. But you don’t have to pay property taxes on that house
either. So there’s two benefits. I highly recommend owning a house instead of renting,
but there is a purpose and a point in time in which it is best to rent. So if you are
renting a house, plan on being able to enjoy the house without paying property taxes but
also take into fact that you will not be able to reduce your income tax through your deductibles
on renting a house. You only get that if you own. And that is how to rent a house and the
stipulations on paying taxes both ways. Thank you.

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