First year as a rental property owner-- Tax Questions

[Thomas O'Donnell]

I bought my duplex back in September 2022, but did not get the other side rented out until March 2023. Since this is the first year I will have rental income, what are some things to look for with taxes? Such as tax breaks/write-offs? Also should I get in contact with an investor friendly CPA asap? I have always done taxes myself but since I own a rental property now I know I will need help with taxes. I have been tracking income/expenses through Avail property management software. Would love all and any input about taxes as a real estate investor and what to expect. TIA!

[Julien Jeannot]

Yes, hire a CPA.

I'm a CPA and I use a CPA who has the expertise (and time) to handle my affairs. 

Couples things that will come up:

- Depreciation expenses (my favorite non cash)

- When the unit was placed in service will determine when to allocate expenses to the rental unit rather then when it was rented. Might even be able to start earlier if you rehabbed it with the intention to rent it.