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Cincinnati Ohio Form 8825: What You Should Know

Form 8028 with the amount of deductions and exclusions you qualify for on the rental income taxes you report. Form 8825 is also used to report rental income on a partnership (with the business) and for S corporations.  To be sure you're using the right form, review the instructions for the form. Rental Income Tax Filing a Schedule E with your rental income tax return is very easy, and the amount you pay is no different from how much you paid on a joint tax return. If rent, realty or property interests are your only source of income, the rental income tax may qualify for reduced tax rates on the first 60,000 of rent and realty income. If you file a joint return, and you pay rental income on behalf of more than one person who receives rental income, you can either file Form 8885 (for property owners, including LCS) or Form 8825 (for partnerships) (see the  2016-17 Income Tax Guide for Individuals 2015-15 Income Tax Guide for Businesses 2014-15 Income Tax Guide for Individuals 2013-14 Income Tax Guide for Individuals 2012-13 Income Tax Guide for Individuals 2011-12 Income Tax Guide for Individuals If you file a joint return with a property owner, partnership or S corporation with which you are taxed as a single resident or foreign resident, you receive the best rates. If rental income is the only source of income, and you file jointly, you will pay the full marginal tax rate of 28% to the IRS, as opposed to the 15% bracket for joint filers on the joint return. This is true whether you receive rental income from single person rental properties or from a partnership or S corporations. Even if you file with one person or a part of a partnership, and have rental income from single person properties, you may qualify for the 25% rental income rate if your partner or partner's share is 800 or more of the rental income received, in addition to having sufficient rental income. For couples who file a joint return and both receive rental income, the rate for joint filers is 28%. If the spouses pay a share of the rental income, the federal withholding is reduced to 28% from the rate of 28% on one individual's share of the rental income.

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