Putting a house on rent?

If I put a house on rent will I have to pay any tax for my extra income?

Answers:
absolutely. its called "rental income" and its a whole different set of taxes---if you do it officially and require a lease agreement.
If you don't require a lease agreement then you don't have to pay rental income taxes but you will have to pay taxes on the income probably using a 1099-MISC (miscellanous income)
either way you will have to pay taxes.if your renting to more then one person, make sure you require lease agreements and file for rental income. overall it will cost more but its safer as far as the IRS goes incase you are to get audited.
Of course you will. There will be certain expenses you can offset but you really need a good accountant to sort this out.

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