first year filing taxes as a real estate investor.

[Aaron Johnson]

I purchased a duplex in Worcester, MA this September for nearly market value, since it's a competitive market. Especially, at the age of 23 with a FHA loan. I got a unit rented out in November for S2,000 utilities included (one electrical meter and electric heat, which is shockingly expensive). Repairs cost more than I hoped and I did most myself.

As a result, I have a heap of receipts, 2 months rental income, and no idea how to file my taxes. I heard on BP “If you’re paying taxes on rentals, you’re doing it wrong”, is there any truth to this? Furthermore, my FA recommended me a “tax professional” who cost $1,000 base. 

Does anyone have some tax wisdom?

[Shain Ismailovski]

A good accountant who knows the business I probably one of the most important members of your team. You can cut costs on a lot of things, but I wouldn't recommend it for this.