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Residential rental properties often create complicated tax issues at the federal, state, and local levels. Although there are numerous federal tax issues to consider, this article attempts to clarify the myriad of state and local tax issues that arise when a taxpayer rents a residential property. While this article uses the District of Columbia as an example, we recommend you check the six items below no matter where your rental property is located. We do not discuss here the numerous tax issues that arise when a residential property is sold, disposed, or transferred. This article is also limited to rental properties owned by individuals and operating as sole proprietorships. There are other matters that come into play for rental properties owned by entities. Lastly, the items below generally apply to both long-term and short-term rentals.
