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Property in Galloway, West Virginia
 

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Property in Galloway, West Virginia




Zipcode Population Households Average
house value
26349 284 124 $78,078

Other cities in the area: Bridgeport, Grafton, Philippi, Shinnston, Lost Creek, Mount Clare, Lumberport, Flemington




Galloway is just one part of West Virginia enjoying a healthy business climate. The state's many business advantages make it an area of interest for career seekers, entrepreneurs and investors. The local economy in Galloway continues to grow and remain strong.

Galloway residents enjoy an excellent quality of life, with wonderful scenery, top rated amenities and services for families and plenty of opportunity for everyone. As with any extra revenue, you are responsible for paying taxes on the rent you collect with your Galloway income property. However, you can generally deduct expenses of renting property from your rental income including depreciation, repairs, and operating expenses. If you operate on a cash basis, you can count the rental income as income when it is received, and can deduct your expenses as they are paid. You do not have to include a security deposit in your income if you plan on returning it to the tenant at the end of their lease. However, if you do not return it, this money is taxable income. As well, make sure to check with your tax advisor to ensure your taxes are correct.


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