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Form 8825 Irving Texas: What You Should Know

Also, available at this address are forms for  Reporting Your Rentals IRS Form 941 (for commercial rental income), Form 942 (for rental or lease of a house or building on which rent is paid) and Form 945 (for rental of a home or other property used as a residential unit in a nonprofit religious organization). You must file these forms with the Texas Comptroller and Local Tax Assessor-Collector (in Austin and Dallas), if you operate a commercial rental operation in any of the following Texas cities: El Paso, Elwood, Hays, Llano, McKinney, North Richland Hills, and Waco. If you live in Austin or Dallas, and you rent commercial space (such as a business, apartment building or office building) that is leased directly to a residential tenant, then your operation is subject to local rent control laws if you are in a region with a rental income tax under the Texas Rent Ordinance (ERA). To qualify for a ERA deduction, and if you lease commercial space directly to a residential tenant, rent must be less than the amount the tenant receives or accrues in a calendar month in a tax year and not exceed what the tenant pays on the commercial space in a tax year without a deduction for the actual costs of the commercial space. Also, if you are a resident of a region with a TREE income tax under the Texas Revenues and Expenditures (TREES) Act, your gross rent must be less than the amount you would receive in a calendar month under a Pre-approved residential rental contract. Also, for TREE: The maximum amount you can write off for personal use of your commercial space may be more than what you receive in a calendar month from a residential tenant. These limitations and restrictions may apply even if you are a resident of a Region 2, 3, 4, or 5 city. To receive a tax deduction for the portion of your gross rent that you do not pay as rent, simply add the applicable deductions to calculate your tax liability. Remember that the income from your rental may be more than the amount you would receive in a tax year with no deduction. The income tax deduction you get from rental real estate can be either a gross or deduction. The net income or expenses (other than depreciation, tenant improvements, and rent) may be the basis for your Texas income tax return. You should keep your accounting records accurate.

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