NEXT BUILDING BLOCK:
REPORTING

Tax & compliance: Taxes on rental income

Make tax season easy and maximize your end of year deductions with these free landlord tax resources.

Start for free
Desktop and Mobile illustration

Understanding Taxes On Rental Income For Improved Profitability

We've collected everything real estate investors need to know for a streamlined tax season including 2023 rental income tax rates and deadlines, free downloadable landlord tax resources, helpful articles, and expert insights.

Discover the tools and knowledge to maximize your rental property tax deductions, minimize tax liabilty, and increase your portfolio ROI.

Three simple steps to tax prep with Landlord Studio.

Sign up free

Sign up Or Login To LANDLORD STUDIO

Create your free account or login to Landlord Studio.

Update and Reconcile your Acconts

Connect your bank accounts to reconcile up to two years of transactions and easily digitize receipts.

Run Your reports

Run your P&L and Schedule E reports and easily share them with your accountant or CPA.

Episode 5: Profit through precision: Real estate accounting strategies with Christanne Wright

In this episode, we discuss real estate tax strategies with CPA, Christanne Wright. Christanne is a real estate expert CPA who has a magnitude of experience helping real estate investors minimize their tax bills each and every year.

Christanne Wright

Accountant

Christanne advises on the importance of good record keeping, saying, "If you don't keep good records, and the IRS is so dependant on record-keeping, that you run the risk of having a lot of, or even all of your expenses excluded from your tax file."

View All Episodes

How is rental income taxed?

Rental income is taxed as ordinary income and you pay according to your marginal tax bracket, which is between 10% and 37%.

Important rental income tax forms

  • Schedule E form 1040 to report your income expenses.
  • Schedule A form for any personal expenses associated with your rental property.
  • Form 4562. This allows you to report depreciation from the year you began leasing your rental property.
  • Form 8960 for net investment income tax applies to your rental income, you need to file.
  • Form 1099 for suppliers and reporting online rent collection.

Income tax rates 2023

Tax rate
Single filers
Married filing jointly  or qualifying surviving spouse
Married filing separately
Head of household
10%
$0 to $11,000
$0 to $22,000
$0 to $11,000
$0 to $15,700
12%
$11,001 to $44,725
$22,001 to $89,450
$11,001 to $44,725
$15,701 to $59,850
22%
$44,726 to $95,375
$89,451 to $190,750
$44,726 to $95,375
$59,851 to $95,350
24%
$95,375 to $182,100
$190,751 to $364,200
$95,376 to $182,100
$95,351 to $182,100
32%
$182,101 to $231,250
$364,201 to $462,500
$182,101 to $231,250
$182,101 to $231,250
35%
$231,251 to $578,125
$462,501 to $693,750
$231,251 - $346,875
$231,251 to $578,100
37%
$578,126 or more
$693,751 or more
$346,875 or more
$578,101 or more
Tax rate
Single filers
10%
$0 to $11,000
12%
$11,001 to $44,725
22%
$44,726 to $95,375
24%
$95,375 to $182,100
32%
$182,101 to $231,250
35%
$231,251 to $578,125
37%
$578,126 or more
Tax rate
Married filing jointly  or qualifying surviving spouse
10%
$0 to $22,000
12%
$22,001 to $89,450
22%
$89,451 to $190,750
24%
$190,751 to $364,200
32%
$364,201 to $462,500
35%
$462,501 to $693,750
37%
$693,751 or more

2023 tax deadlines

Annual Tax Deadlines
Deadline
Due Date
Tax Season Begins
January 23rd, 2024
Due Date for W-2 forms
January 31st, 2024
1099 Forms Sent
January 31st, 2024
Tax Day & Form 4868 (Extension Request) Deadline
April 15th, 2024
Tax Extension Deadline
October 15th, 2024
Partnerships, Multi-member LLCs, and S-Corporations (Form 1065)
March 15, 2024
Extension Deadline For Form 1065
September 16, 2024
Quarterly Tax Payments
Payment period
Due date
September to December, Q4 2023
January 16, 2024
January to March
April 15, 2024
April to May
June 17, 2024
June to August
September 16, 2024
September to December
January 15, 2025

Ready to get started with our simple accounting software?