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SCHEDULE HH Form 720 41A720HH (10-00) KENTUCKY HOUSING FOR HOMELESS FAMILIES DEDUCTION Taxable Year Ending / Mo. Yr. ? Attach this form to Form 720, 720S, 740, 740-NP, 741 or 765. Revenue Cabinet
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How to fill out schedule hh kentucky housing
How to fill out schedule hh Kentucky housing?
01
Gather necessary information: Before filling out Schedule HH, gather all the required information such as the property address, owner's name, and contact details.
02
Provide relevant property details: In the schedule, accurately fill in all the relevant details about the property, including whether it is a single-family home, a condominium, or a rental unit.
03
Report income and expenses: Provide detailed information about the income generated from the property, including rent or any other type of rental income. Additionally, list all the expenses incurred, such as mortgage interest, property taxes, insurance, repairs, and maintenance costs.
04
Include tenant information: If there are tenants occupying the property, provide details about their names, rental periods, and rent paid.
05
Calculate net rental income: Deduct the reported expenses from the reported rental income to calculate the net rental income for the property.
06
Sign and submit: Once you have accurately filled out the schedule, sign it and submit it to the appropriate authority, usually the Kentucky Department of Revenue.
Who needs schedule hh Kentucky housing?
01
Property owners: Any individual or entity that owns residential property in Kentucky and generates rental income from it needs to fill out Schedule HH.
02
Landlords: If you are a landlord who owns multiple rental properties in Kentucky, you will need to fill out a separate Schedule HH for each property.
03
Taxpayers with rental income: Individuals who earn rental income from properties they own, regardless of whether they reside in Kentucky or not, must complete Schedule HH as part of their state tax filings.
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