Ask Experts Questions for FREE Help !
Ask
    plc303's Avatar
    plc303 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jan 28, 2011, 07:25 AM
    Rental income for a cell tower
    The only income I have is rental income for a cell tower I get 1300. Per month how much tax will I have to pay on this
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Feb 5, 2011, 08:01 AM
    That's $15,700 for the year, MINUS $3,650 for your personal exemption and $5,700 for the standard deduction, so your taxable income is $6,350.

    Tax will be $635 for the federal level. There is probably a state tax as well.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Rental income [ 3 Answers ]

I am a US citizen residing abroad. I file "married filing separately." and have a non resident alien spouse. He wants to fix up an apartment we own, rent it and then put the rental income into his personal savings. Do I have to declare any or part of that income on my return? How much? Thanks

1040NR. Rental Expense exceeds rental income. Carry forward? [ 2 Answers ]

In filing 1040NR. Only US activity is Rental Real Estate. Total Expenses including depreciation exceeds Rental Income. How do I carry forward the amount the loss exceeds income? Mahalo.

Tax on rental income [ 4 Answers ]

I rented out my house in london UK from May 2007. I want to know when do I have to fill the tax return showing my rental income and pay the tax to the govt. what is the process to pay the tax Yearly tax time means I need to declare it next year i.e. I don't have to worry this year, can you...

View more questions Search