How does tax season work at the end of the day?

[Thomas Ingrao]

I want this to be completely transparent for accuracy. I have not calculated my expenses yet but my W2 reported income was $73,380. I grossed approximately $13,000 this year on the rental properties. I understand that I can deduct the expenses and depreciation which would cause the rental income to eventually reach a negative number. That net loss, let’s say $5000 is subtracted from my W2 income and now what? Will my refund be higher than it would be without the rental properties? 

I just want to know the bottom line, will I have a refund or will I have to pay? 

[David M.]

@Thomas Ingrao

There is pretty much no way to answer your question...  Of course, other than consulting a professional, you should become a little more familiar with your tax filing.  You've already postulated a $5k net loss from your rentals.  So, subtract that from your taxable income and recalc your tax amount, or if you are within a tax bracket you can calc from the marginal tax bracket.  These are just rough pointers.