Income from rental properties requires careful tax planning

That's great news for clients who own a second home and want to receive rental income from it, as long as they're ready to put in the necessary elbow grease to maintain the property and are willing to deal with the extra tax planning required.

Research from housing marketplace Zillow showed that rents leaped at the start of the year. The median rent for the U.S. hit $1,350 in January, reflecting a 3.3% increase year-over-year. The highest rents were in California, with San Jose's median rent at $3,190 and San Francisco's at $3,055 — and both reflect double-digit increases from the same period a year ago.

http://www.investmentnews.com/article/20150302/FREE/150309985/income-from-rental-properties-requires-careful-tax-planning