{"@context":"https:\/\/schema.org\/","@type":"CollectionPage","@id":"https:\/\/moneydoneright.com\/taxes\/#CollectionPage","headline":"Taxes Category","description":"","url":"https:\/\/moneydoneright.com\/taxes\/","hasPart":[{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/coronavirus-tax-deadline\/","headline":"Coronavirus Tax Deadline: Less Than 20% Will Take Advantage; Perceived As More Helpful Than It Probably Is","url":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/coronavirus-tax-deadline\/","datePublished":"2020-03-25","dateModified":"2021-09-29","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/coronavirus-tax-deadline\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Featured-Image-1900-x-460-1.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Featured-Image-1900-x-460-1.jpg","height":460,"width":1900},"keywords":["hide on posts list","schema"]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/student-loan-interest-deduction\/","headline":"Student Loan Interest Deduction: Who Qualifies and How to Claim It","url":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/student-loan-interest-deduction\/","datePublished":"2020-03-25","dateModified":"2021-10-08","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/student-loan-interest-deduction\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/david-darling\/#Person","name":"David Darling, EA","url":"https:\/\/moneydoneright.com\/author\/david-darling\/","identifier":59,"description":"David was originally in the newspaper business, spending over 25 years as a writer and editor. He is now an enrolled agent \u2014 the highest credential issued by the I.R.S. \u2014 and has been serving clients as a tax adviser and preparer for over 10 years. He currently works at DC & Associates, P.A. in Casselberry, Florida.","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/62eb4b40c1a1cfcd67e254643f91e3a967f0b9eba7e920859110795fcfcc77d0?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/62eb4b40c1a1cfcd67e254643f91e3a967f0b9eba7e920859110795fcfcc77d0?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/student-loan-interest-deduction.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/student-loan-interest-deduction.jpg","height":460,"width":1900},"keywords":["schema"]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/tax-extension\/","headline":"How to File a Tax Extension in 2022","url":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/tax-extension\/","datePublished":"2020-03-15","dateModified":"2022-04-19","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/tax-extension\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/tax-extension.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/tax-extension.jpg","height":460,"width":1900},"keywords":["schema"]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/","headline":"TurboTax Review 2026-2026: Honest Review by a CPA","url":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/","datePublished":"2020-03-11","dateModified":"2026-08-25","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/12\/TurboTax-Review.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/12\/TurboTax-Review.jpg","height":460,"width":1900},"keywords":["youtube","podcast","schema"],"commentCount":"7","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/#Comment1","dateCreated":"2025-02-04 05:55:49","description":"Live was asked by me how to opt out of having our state return prepped and filed by Turbo Tax...ANSWER: As you go through the process for the state info, look for DECLINE STATE TAX FILING. Sorry, but there is no such opt out.","author":{"@type":"Person","name":"Bart arlet","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/#Comment2","dateCreated":"2025-02-04 05:52:38","description":"Okay, after inputting all of our data, we went back and cleared the whole shebang! They ask a million questions regarding the standard vs itemized deduction. We ALREADY KNOW the standard deduction is best for us (long retired with few qualified deductions). But the Deluxe version does not allow you to opt out of having them file your state taxes. Our state filing is simple for our limited types of income, but you CANNOT opt out...even though the HELP LINE says you just have to find DECLINE STATE PREP...IT AIN'T THERE.","author":{"@type":"Person","name":"Bart arlet","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/#Comment3","dateCreated":"2024-02-27 07:05:05","description":"By the way, I purchased the Deluxe software with free state download, so the only charge should be $20.00 for state e-filing!","author":{"@type":"Person","name":"MARIAN Rose HAK","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/#Comment4","dateCreated":"2024-02-27 07:01:26","description":"Where is it mentioned that \"Green Dot\" would be a third party to charge a ridiculous $40.00 fee to withold the state e-filing fee of $20 from the Federal refund????\r\nI would never have chosen that option!!!","author":{"@type":"Person","name":"MARIAN Rose HAK","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/#Comment5","dateCreated":"2023-05-13 08:14:49","description":"There's a couple things I want to point out here. The first being that TurboTax offers online and desktop versions. You referred to TurboTax Online as \"desktop\" when comparing it to the mobile app. Online and desktop are completely different products. TurboTax Desktop versions are paid for up front, either from TurboTax directly or through a retailer, and the program software is downloaded onto your computer where you will prepare your return. This differs from TurboTax Online (which is the product you are reviewing) where you sign in on a browser and complete the return. It could be confusing for someone reading this. Pricing for desktop versions are cheaper than online. They also offer the ability to prepare up to 5 federal returns where online you can only prepare one for the cost you are paying. Live services are also not offered for desktop products. \r\n\r\nAnother thing that I think wasn't very clear in your review is how Live services works. When you contact TurboTax for support while preparing your return, this is considered part of the Live service. If you were working in a regular DIY version and you contact them, you will be automatically \"upgraded\" to Live. This is done regardless of the reason you contacted them. Also, when you connect with an expert, it is NOT a tax expert. It is a product expert which is very different. The only time you are (or should be) connected with an actual tax expert is when you request and schedule a final review at the end. If you simply call or chat during preparation, you're talking to a product expert. This is important to know because the agents are trained only on the product and cannot advise on most tax questions. They are trained on the basics of taxes, but if you have a complicated question or issue, they are not going to be able to give proper assistance. Essentially you can be upgraded to Live just by talking to an agent about a simple non-tax question.","author":{"@type":"Person","name":"Sam","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/#Comment6","dateCreated":"2023-04-08 11:22:28","description":"What's ironic is that you state you wish that review sites actually used the product for something other than a basic return, but then you write a generic post of \"multitude of reasons\" why the live is a ripoff without actually mentioning anything specific as to why you wrote that. I found this article very helpful even though I'll probably have to use the Premier.","author":{"@type":"Person","name":"Keith","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/turbotax-review\/#Comment7","dateCreated":"2021-03-26 09:09:58","description":"Turbo tax live help is a complete ripoff for a multitude of reasons .I just wish some of the reviewers on review sites actually used the product for something other then a basic return.","author":{"@type":"Person","name":"William John Thompson","url":""}}]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/form-w-2\/","headline":"What Is Form W-2 and What Do I Do With It?","url":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/form-w-2\/","datePublished":"2020-03-07","dateModified":"2021-09-29","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/form-w-2\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/What-Is-Form-W-2.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/What-Is-Form-W-2.jpg","height":460,"width":1900},"keywords":["schema"]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/","headline":"How to File a Late S Corporation Election","url":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/","datePublished":"2020-03-07","dateModified":"2026-08-25","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/late-s-corp-election.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/late-s-corp-election.jpg","height":460,"width":1900},"keywords":["schema"],"commentCount":"6","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/#Comment1","dateCreated":"2024-09-17 21:29:13","description":"I am starting a business that incorporated in 08\/2024, I'm confused if I should make election date for jan 2024 in form 2553, or do I need to submit a statement for reasonble cause for filling late. please help me","author":{"@type":"Person","name":"Tania","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/#Comment2","dateCreated":"2024-05-08 14:23:27","description":"What a huge help. Can't thank you enough. Your time and energy to help me take on this, what seemed like an insurmountable task, is so appreciated that I can't even describe how much.","author":{"@type":"Person","name":"Rory","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/#Comment3","dateCreated":"2022-12-07 14:07:46","description":"Thanks Logan! This takes the uncertainty away about doing this myself.\r\n\r\nQuestion... Can the form be faxed instead of mailing? What do you recommend?","author":{"@type":"Person","name":"Shannon","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/#Comment4","dateCreated":"2021-09-13 05:59:52","description":"Thanks for this helpful information. I see that you state what should be in the package, I am unsure if I have to wait for the determination letter to send the 1120-S form or, should I include it in the same package?","author":{"@type":"Person","name":"Mat","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/#Comment5","dateCreated":"2020-12-31 16:28:56","description":"You're welcome!","author":{"@type":"Person","name":"Logan Allec, CPA","url":"https:\/\/loganallec.com\/"}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/late-s-corp-election\/#Comment6","dateCreated":"2020-12-27 06:35:51","description":"THANK YOU!!!!","author":{"@type":"Person","name":"Marie","url":""}}]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/","headline":"Below Market Rent: Tax Consequences of Renting Below Fair Market Value","url":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/","datePublished":"2020-03-04","dateModified":"2022-06-28","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/05\/Below-Market-Rent.jpg","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/05\/Below-Market-Rent.jpg","height":430,"width":825},"keywords":["schema"],"commentCount":"6","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment1","dateCreated":"2023-10-08 05:34:55","description":"So question for you on this. My condo mortgage is $1140 a month HOA $965. Electric is $115 that only utilities everything else is inlude in HOA dues. Cable is $85. My brother pays $400 a month rent, but he pays electric and cable bills as well. He does and groceries shopping does 60% cleaning and cooking. Per hud fair market for Minneapolis area is $1074. Can I use this for tax deduction?","author":{"@type":"Person","name":"Peter Jorgenson","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment2","dateCreated":"2023-04-03 06:05:20","description":"Not sure but this seems to suggest deductions outside of schedule A would be allowed. https:\/\/www.irs.gov\/faqs\/sale-or-trade-of-business-depreciation-rentals\/personal-use-of-business-property-condo-timeshare-etc\/personal-use-of-business-property-condo-timeshare-etc-1","author":{"@type":"Person","name":"Eric","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment3","dateCreated":"2021-10-13 13:33:47","description":"Hi Brian. In this case, if you're renting it out to someone else for four years, it wouldn't be your primary residence for two out of the last five years, so you wouldn't qualify for the Section 121 exclusion<\/strong><\/a>.","author":{"@type":"Person","name":"Logan Allec, CPA","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment4","dateCreated":"2021-09-21 14:10:46","description":"Great summary. Easy to understand explanation. Question, if you do rent the residence out at below market for say 4 years, can you then sell it and still be eligible for the $500K (MFJ) capital gains exclusion on a primary residence. Or are you still subject to the 2 out of 5 year rule?","author":{"@type":"Person","name":"Brian","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment5","dateCreated":"2019-05-20 12:50:17","description":"Hi Stanley. Those are great questions.\n\nAs you know, in the situation you described, you would be renting your townhome at below market rent. \n\nYou would have to report your rents collected for the year on on Schedule 1, Line 21, where it will flow to page 2 of your 1040 and be taxed at your ordinary income tax rates.\n\nIn terms of deductions, you would not be able to deduct your HOA dues, but you may be able to deduct your mortgage interest (which is only a portion of your monthly payment) and property taxes on Schedule A insofar as these amounts are not limited, respectively, by the $1,000,000 \/ $750,000 mortgage interest limitation and \/ or the $10,000 limitation on the deduction for state, local, and property taxes.\n\nSo yes, it appears that you will have to pay taxes on the $1300 that you're charging as rent when in fact, you're not profiting (or you're at least not cash flow positive).\n\nHowever, as noted in the article, there may be some strategies you can apply to your specific situation that can give you a better tax answer with your below market rental. Since these strategies may or may not be applicable to your situation, it is recommended that you reach out to a qualified tax professional to discuss your options.\n\nYou can certainly convert your townhome to a market value rental property whenever you like. When this happens, you will report your rental income and expenses on Schedule E. However, you will not be able to recoup the deductions you previously incurred when the property was a below market rental.","author":{"@type":"Person","name":"Logan Allec","url":"https:\/\/moneydoneright.com"}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/personal-taxes\/below-market-rent\/#Comment6","dateCreated":"2019-05-19 16:54:05","description":"Thanks for your article. It was exactly my question, and the answer seems clear. However, sometimes we want to be able to serve people in our church family that doesn't make financial sense. Perhaps you can shed a bit more light on a specific situation. My cost to own my townhome is a mortgage of about $1300 and HOA about $400. The market value is about $2000, which our neighbor pays for the comparable unit. However, we'd like to rent it out to a church family for $1300. The question is, how would taxes work, since I'm actually taking a loss? Will I have to pay taxes on the $1300 that I'm renting out for when in fact, I'd would NOT be profiting? \n\nFrom another standpoint, can I rent it out as a below market value for 2 years and then after they move out, to bring it back to at market value rental property?","author":{"@type":"Person","name":"Stanley","url":""}}]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/","headline":"The Self-Employment Tax, Explained by a Self-Employed CPA","url":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/","datePublished":"2020-03-04","dateModified":"2021-10-01","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/02\/Self-Employment-Tax.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2019\/02\/Self-Employment-Tax.png","height":430,"width":825},"keywords":["schema"],"commentCount":"2","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/#Comment1","dateCreated":"2023-08-09 11:47:34","description":"You're welcome, Maggie!","author":{"@type":"Person","name":"Logan Allec, CPA","url":"https:\/\/loganallec.com\/"}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/self-employment-tax\/#Comment2","dateCreated":"2023-08-02 18:19:02","description":"Easy to read. Thank you","author":{"@type":"Person","name":"Maggie","url":""}}]},{"@type":"Article","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/","headline":"The $800 California LLC Tax and California LLC Fee: A CPA Answers All!","url":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/","datePublished":"2020-03-04","dateModified":"2021-10-07","mainEntityOfPage":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/","author":{"@type":"Person","@id":"https:\/\/moneydoneright.com\/author\/logan-allec\/#Person","name":"Logan Allec, CPA","url":"https:\/\/moneydoneright.com\/author\/logan-allec\/","identifier":4,"description":"Logan is a practicing CPA and founder of Choice Tax Relief<\/b><\/a> and of course Money Done Right. After spending nearly a decade in the corporate world helping big businesses save money, he launched his blog with the goal of helping everyday Americans earn, save, and invest more money. Learn more about Logan.<\/b><\/a>","image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/6e74dd0453a5871d1dcfde6d40d9494765ca8bfdb01927cefee4564d4bee9075?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Money Done Right","logo":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/Money-Done-Right-Personal-Finance-and-Investing-Blog.png","width":488,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2018\/05\/California-LLC-Tax.png","url":"https:\/\/moneydoneright.com\/wp-content\/uploads\/2018\/05\/California-LLC-Tax.png","height":430,"width":825},"keywords":["schema"],"commentCount":"5","comment":[{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment1","dateCreated":"2021-07-14 15:42:13","description":"Sounds like it's all California-sourced income to me. $800 LLC tax + LLC fee based on gross receipts.","author":{"@type":"Person","name":"Logan Allec, CPA","url":"https:\/\/loganallec.com\/"}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment2","dateCreated":"2021-07-11 20:00:45","description":"How would fees (if any) be assessed if a company is a web only site and the developer lives in California?","author":{"@type":"Person","name":"David","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment3","dateCreated":"2019-07-04 16:35:46","description":"Hello. My husband is a truck driver, he does not own a truck - rather his employer hires him for his driving skills. Should my husband form an LLC or corporation? Does he still owe franchise tax although he spends his time on the road between CA and IL? Thank you.","author":{"@type":"Person","name":"Antoaneta Angelova","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment4","dateCreated":"2019-04-11 12:42:23","description":"I have a similar situation to Evan above. Filed with SOS on April 19 2018. Thanks!","author":{"@type":"Person","name":"Josh","url":""}},{"@type":"Comment","@id":"https:\/\/moneydoneright.com\/taxes\/business-taxes\/california-llc-tax-fee\/#Comment5","dateCreated":"2019-04-10 18:30:06","description":"Logan, I have a few questions and are interested if you offer any services. My partner and I started an LLC in August of 2018 and are trying to figure out our tax situation for this year. We are trying to figure out what forms we need to file (pay the $800 and also file some separate tax return? Or just pay the $800). Anyways, would be greatly appreciated if you can get back to me ASAP. Great article.","author":{"@type":"Person","name":"Evan Meyers","url":""}}]}]}