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Discussion Starter · #1 ·
What impact would money collected from leasing have on taxes. Would it be considered as income, and if I am now making a profit from land usage, would it affect the property tax on the land?
 

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I'm no tax expert, but that should certainly not affect your property taxes.

It would "have to" be counted as income, affecting your income taxes. However, there is some rule that if you only rent a property for a short period of time (can't recall if it is 4 weeks or 4 months...), you do not have to pay income taxes on it.
 

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Not a cpa but do have some exp..depends on how the land is zoned or clasified,,if it is farmland and your claiming an agriculture exemption for homestead taxes "18 mills "then when u lease it out you could lose this, lease payments are taxable income....but also could be great write off, costs. depreciation, improvements, on an on
 

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Discussion Starter · #7 ·
Not a cpa but do have some exp..depends on how the land is zoned or clasified,,if it is farmland and your claiming an agriculture exemption for homestead taxes "18 mills "then when u lease it out you could lose this, lease payments are taxable income....but also could be great write off, costs. depreciation, improvements, on an on
id

Thats kinda of what I was afraid of.
 

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They ask, other income Is how I believe they phrase it
Yeah they ask, but who says the answer has to be yes. It all depends on how you want to bind the contract. Go help him move some furniture and have him pay you the amount on for the lease and let him hunt for "free" sounds like a lot of trouble for something that is fairly common. We used to rent out and rent farm land all the time. Dad dealt with all the financials, I will ask him what we did.

Edit: *I guess you never said hunting*
 

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Discussion Starter · #11 ·
I know that the property taxes have something to do with the fact that the land is unoccoupied, and not farmed, stopped leasing to farmers a couple years ago, and I believe that our property taxes dropped. To confusing for us to deal with, so will probly just leave it alone and idle.
 

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If it is unoccupied you are paying the top in prop taxes unless for some reason your township assessor isnt doing his job,,, If you want to lease it go ahead then deduct your prop taxes and any exspenses to check up on it and take care of it claim everything related to it until the costs wash the rent away.....really not much to it
 

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Discussion Starter · #13 ·
Make a donation to my church, in your name, you recieve the deduction for your gift.

And for your kindness and generosity, I'll allow you to hunt as my guest, you won't pay a thing as a lease. Everyone goes home happy. Sounds like a solution, have to ponder this for a while
 

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Make a donation to my church, in your name, you recieve the deduction for your gift.

And for your kindness and generosity, I'll allow you to hunt as my guest, you won't pay a thing as a lease. Everyone goes home happy. Sounds like a solution, have to ponder this for a while
Now you're thinking;)
 

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Make a donation to my church, in your name, you recieve the deduction for your gift.

And for your kindness and generosity, I'll allow you to hunt as my guest, you won't pay a thing as a lease. Everyone goes home happy. Sounds like a solution, have to ponder this for a while
Where might this property be located at?
Not looking for specifics, just general location.
Does your church need some work done in exchange? Maybe some lawn equipment in need of repair? Just a thought.

I'll second the writing off expenses. Don't see it as much different then writing off expenses against the income I get on my rental properties.
I do know when my brother moved out of his first home and we rented it out he lost the Homestead Tax credit, but I don't think you would be claiming it now.
 

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same as grouly925...who says the gov't has to know about cash you received.


maybe i misunderstood the concept in which money was exchanging hands.

ignore my reply.....it was very late at night, at the end of a very stressful week.

:fish:
 

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Discussion Starter · #19 ·
same as grouly925...who says the gov't has to know about cash you received.


maybe i misunderstood the concept in which money was exchanging hands.

ignore my reply.....it was very late at night, at the end of a very stressful week.

:fish:
If you ever heard the saying that being honest is like being pregnant, either you are, or you aren't, you cant be just a little. I feel that lying to the goverment, is still lying. So money changing hands in any form is not the question.
 

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Discussion Starter · #20 ·
Make a donation to my church, in your name, you recieve the deduction for your gift.

And for your kindness and generosity, I'll allow you to hunt as my guest, you won't pay a thing as a lease. Everyone goes home happy. Sounds like a solution, have to ponder this for a while
ITs amazing, but it took almost two weeks for people to pick up on this(these) offer(s).
 
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