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I am a non-resident landlord and I am late filing for property tax. I was worried about the tax implications.
I am taking from this that as long as my rental income is below my mortgage payment, I do not have a tax liability.
No. No. No.
This thread is about INCOME TAX on rental income. If you make a loss you don't have to pay INCOME TAX.
PROPERTY TAX is a different matter. You DO have to pay that irrespective of any profit or loss.
And the penalty for late payment is severe. In fact TODAY is the last day to declare for 2014
Sorry to bring bad news.