Rental Income ...Deductions..Taxes on it...How would this work ?

[Michael Dunn]

This year will be my first year in claiming Rental income / taking Deductions via ..... Interest, Insurance, Taxes, Depreciation on one of the two properties that I have as rentals ( the other rental , I will have to wait till 2018 tax season to claim , as I plan to have it ready to rent out by March of this year ...2017  ) 

The Rent I collect on the Unit is $500 a month  ( so $6,000 a year ) 

My note is $480 a month ( PITI )

Since I have only owned this property for just over a year now , come 2018 , will I be able to " claim " this $6,000 a year from the Rent , as actual Income ? 

And if so , what % will I pay Taxes wise on this  $6,000 ?  

Is there a way to avoid having to pay so much money on Rental income ?

This second rental income come March of this year ( 2017 ) will be from my Primary residence , which is the Main house, of which my current $500 a month Rental income property is connected to , via the Roofline / a Breeze-Way that seperates the two houses

If I rent out the main house  ( my Primary ) come March ......... Will I be able to claim the rental Income from March through December of this year as " Income "  ? 

Thanks so much , for any and all help 

I very much appreciate it  

[Ben H.]

Get an accountant. After 10 years of doing my own taxes it was $400 well spent.