50 y/o Noob has a question about Taxes

[Adam Lee]

Hi All. I'm 50 and hope to be able to find security in the nest 5 years through buy and hold.

I've been reading and researching for the last 8 months. The question i need answered is about taxes.

Best to ask through example. If my rent is $1,000 per mo, and after PITI, vacancy & capex reserves I have $300 positive cashflow, what portion do I pay taxes on? If I pay taxes on the entire $1,000 before PITI then I lose most of my $300 to taxes? Or do I pay income taxes only on the $300? I plane to keep the first property or 2 in my own name until I get comfortable then move into LLC's. Thanks everyone..