What type of property is residential rental property?

Residential rental property can include a single house, apartment, condominium, mobile home, vacation home or similar property. These properties are often referred to as dwellings. Taxpayers renting property can use more than one dwelling as a residence during the year.

What is considered residential property?

Residential property is property zoned specifically for living or dwelling for individuals or households; it may include standalone single-family dwellings to large, multi-unit apartment buildings.

What is non residential rental property?

Nonresidential rental property means any land or building which is rented or leased to a tenant for other than residential purposes and the rental agreement of which is not regulated under the provisions of the Oklahoma Residential Landlord Tenant Act, Section 101 et seq.

What does it mean to rent a residence?

You rent an apartment or house when you pay the owner money every month to live there. The money you pay is called “rent.”

What are the tax rules on rental property?

vacation home or similar property.

What are the taxes on rental property?

Rental income from residential property is taxed at a special flat rate of 15%. When computing the taxable income, income-generating expenses are deductible. Rental income earned by nonresidents is subject to 25% withholding tax.

Can you rent out your primary residence?

Renting out your primary residence will change the way that you file taxes. You will still be able to deduct the interest on your mortgage. However, you will also be able to get several other deductions. For example, you can deduct insurance premiums, management fees and utilities that you pay.

What can be depreciated on rental property?

You can depreciate any type of structure you use for your rental activity—apartment buildings, houses, duplexes, condominiums, mobile homes, swimming pools, parking lots, parking garages, tennis courts, clubhouses, and other facilities for your tenants.