Skip to content
×
Try PRO Free Today!
BiggerPockets Pro offers you a comprehensive suite of tools and resources
Market and Deal Finder Tools
Deal Analysis Calculators
Property Management Software
Exclusive discounts to Home Depot, RentRedi, and more
$0
7 days free
$828/yr or $69/mo when billed monthly.
$390/yr or $32.5/mo when billed annually.
7 days free. Cancel anytime.
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Starting Out
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 4 years ago on . Most recent reply

User Stats

1
Posts
0
Votes
Sam Pierson
  • New to Real Estate
  • Lockport, IL
0
Votes |
1
Posts

First rental- tax deduction questions!

Sam Pierson
  • New to Real Estate
  • Lockport, IL
Posted

Hello BP community, I would like to gather some information that I have a hard time finding online. First, I will share my situation and story. I am 21 years old and just bought my first investment property in September 2020 with the plans of renting it out for 2-3 years and eventually move in when I am ready to leave home and when I can support the Mortgage, expenses, and living costs on my own. I am set up to double my income in the next 4 years being a pipe fitter apprentice. I bought this home, renovated it and got a family in about 3.5 months of purchase. I am currently receiving about $750 of cash flow per month! My main question is: Being that all my expenses were in 2020, I did not start making income until January 1st, 2021. When I go to file my 2021 taxes, can I include these 2020 expenses? My dad believes in himself as Mr. Tax man so we usually use turbo tax to file each year but being new and a little overwhelmed with the real estate space when it comes to the legal side of things I know many would recommend hiring an accountant. Any tips for me? Thanks guys!

I am located in the southwest suburbs of Chicago and would love to talk real estate with anyone in my area. I am just getting in, I am young, but motivated. 

Loading replies...