Will I be required to pay taxes on a home rental in virgina beach, while living in another state if the total amount is $10,000.00. What would be the tax rate?
Will I be required to pay taxes on a home rental in virgina beach, while living in another state if the total amount is $10,000.00. What would be the tax rate?
At $10,000 if gross income, you generally wouldn't be required to file a return. You can review Virginia's filing requirements here. You'd only be required to file a return if your income is above a certain threshold for your filing status.
Landlord isn't a filing status. It's a job. Your filing status is single or married filing jointly or head-of-household or married-filing-separately. In Virginia you would have to have $11,950 in Virginia source income to have to file a tax return in either case. If the $10,000 in rental income is your only income from Virginia sources then you are not required to file a Virginia state tax return while you are a non-resident.