Quote:
Originally Posted by Md girl
First off know that unless u rent for 6 months or more u will be paying a 9% tax to the state. I know people who don’t pay it but when ( not if) they get caught they also pay a penality as well as all taxes owed. Don’t know how the state knows but they do. We had just stated renting and within 6 months we got our friendly letter from the state.
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In addition to the Federal income tax on any profit you make.