My rental income is different every year. Each year, the expenses on Schedule E is different. Also, the total yearly rental income is different because people moving in and out. Is there a standard way of calculating the net income? How do I estimate repair cost and rent loss?
Marriage / Prenuptials Lawyer
You could average your net rental income over a fair representative number of years, but note in your income and expense declaration that you are doing that, and why you are doing that, and attach a schedule reflecting gross income, expenses, and net rental income for each of those years, and average those numbers over the years that your calculations cover.
Please note that this answer does not constitute legal advice, and should not be relied on, as each situation is fact specific, and it is not possible to evaluate a legal problem without a comprehensive consultation and review of all the facts and court pleadings filed in the case. This answer does not create an attorney-client relationship.
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