Santa Maria California Form 8833 2022-2025

Santa Maria California Form 8833: What You Should Know

If you own rental property, you should report the following amounts on line 23 of your Form 8833. Amount Claimed Itemized If you own more than one rental property within a year, and the value of each property is greater than 200,000, you are required to report your share. You may choose to have the separate statements included on your Schedule E. However, your total claimable property, including the combined gross income and other amounts on each Statement, are combined. The following shows the amount that you are required to report for each item. Itemized Gross Income Property Types Gross Income Mortgage Interest Tax 0.00 Property Value Tax 0.00 Net Property Insurance 0.00 Dividends 0.00 Taxable Rental Income 200,000.00 Subtotal 0.00 If you have more than one rental property within a year, you must report the following amounts. Amount Claimed Itemized If you own more than one rental property within a year, and the value of each property is equal to or greater than 200,000, you are not required to report this amount. Instead, you may have to add it to your 0.00 gross income for the year. Property Types Gross Incomes Net Property Expenses Net Income Mortgage Interest Tax 0.00 Subtotal 200,000.00 • • If you have any other rental property, you must include the total value of each property on Line 23. This includes the 200,000 gross income limit. Amount Claimed Itemized If you own more than one rental property within a year, and the value of each property exceeds 200,000, you are not required to list the value of each property. Instead, you may use the total of your gross income from this source and the above. Property Types Gross Incomes Net Property Expenses Net Income Mortgage Interest Tax 0.00 Total 0.00 • • You only need to fill in one line for property that you own and receive income from in the same year. If your rental property has no value, or if you only own one of two properties, but the two homes are on the same streets, you will need to fill in two separate sets of columns.

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