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I am a tax accounting specialist. I do not understand anything in the OP.
Is the OP trying to calculate something on their 1040? Something about income from renting (or selling??) the house mentioned? Something else?
What does "personally getting taxed" mean?
Was the "Interest" mentioned paid TO the OP by some institution, or did the OP pay that interest amount on the mortgage for the house mentioned?
Is this a question about calculating ROI? (return on investment) Because if it's ROI, the return is clearly in the red.
Does anyone understand this OP?
Last edited by allforcats; 04-30-2008 at 10:51 PM..
This is just a question....just trying to learn....nothing to do with personal finances
Yes, we appreciate that you are trying to learn something. But I think we're having difficulty understanding exactly what you are asking.
Are you asking something about income-producing real estate? If so, what are you asking?
Or are you asking something about Form 1040 (or other Form), federal income taxes? If so, what are you asking?
Could you perhaps rephrase your questions? We are hoping to understand how to help you. Thank you so much!
Last edited by allforcats; 05-07-2008 at 12:51 PM..
Me too! Totally befuddled by the Gross Income of $24K and a salary of $50K. Is $24K AGI...and personally taxed, is that property taxes? withholding? Duh? I'm out!
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