In the United States, being a homeowner may result in the payment of multiple annual taxes. However, the IRS will not always request these taxes, and we may not be required to pay them if we are on the list of citizens eligible for this situation.
What is certain is that in the vast majority of cases, homeowners will be required to pay the IRS taxes derived from the rental of their home, but it is important to understand the circumstances under which we are exempt.
Remember that these taxes must be included in your annual IRS Tax Return. Even if you pay the taxes, you may get some of them back in your annual Tax Refund. It all depends on the overall payment of taxes, but it is true that we will have to pay them at the beginning.
Which homeowners do not have to pay taxes to the IRS?
The truth is that there are very few homeowners who do not pay IRS taxes on their rental income. This group consists solely of those who rent their homes for less than 15 days. It is uncommon to fall into this category, but it is entirely possible.
However, if a homeowner rents out their home for more than 15 days, they will be required to pay taxes to the IRS by 2025. However, certain other expenses can be deducted from your tax return. These can include mortgage interest, real estate taxes, maintenance, and even insurance policies we have purchased.
To report these expenses, we must include Form 1040 and all corresponding annexes in our tax return. Remember that in order to deduct these annual expenses, you must include invoices and other documentation.
Until when can I file my IRS Tax Return in 2025?
The deadline for filing the IRS Tax Return in 2025 is April 15th. If you have all of the documentation ready, please send it as soon as possible so that we do not miss the IRS’s deadline.
Even so, there is still time to meet our tax obligations. Remember that the sooner you send the documentation, the sooner the IRS will send you your tax refund, so it is in your best interest to do so right away.