Do I pay taxes on rental income?

Typically yes but you should consult your tax adviser who can provide correct information based on your unique situation.

In the District of Columbia if your gross income is $12000 or greater than that you will need to declare the income and this should typically be done by filing a form called the D30 Unincorporated Franchise Tax Return. The D30 is a scheduled form which does allow you to deduct expenses related to the rental to determine your actual tax base. As of this writing, the tax rate is 9.975% or a minimum tax of $250, whichever is greater.

Your tax adviser will be best able to answer this question as well as give details on potentially how much. If you do not reside within DC you are still required to file the D30 form. In this case, consult your tax professional on how declarations should be made to your home state.

Articles in this section

Was this article helpful?
0 out of 0 found this helpful