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Updated 12 months ago,
Filing taxes for rental property
Hello everyone!
This past summer I bought my first rental property and it’s going to be my first time filing with a property and I just had a few questions to ask:
1.) What are some things I should look out for as I hire a CPA? (Both bad and good)
2.) what documents should I provide when filing?
3.) as an out of state investor, how exactly does filing for taxes work when I reside in California but a landlord in Indiana? Are there any restrictions, certain rules I’d have to abide by since I live in a different state than my property?
4.) If I am able to make tax deductions or write offs from repairs/ maintenance items how can I do so? Would I need to put my properties under an LLC or a company name to do so or can I just come as I am?
I’m sorry if these questions may seem all over the place but any help is appreciated!
Thank you again!