Very New investor with very little tax knowledge

[Omar Hassan]

Hi everyone, i wanted to put my ignorance out there and see if I can learn some valuable information from you all. 

I'm looking to form a simple tax strategy based on a very small portfolio, I want to do it right while taking advantage of all the tax advantages that come with REI.

I've owned a single family home for 2 years, my primary was owner financed, and im an LP on an rv park. 

What advantages/tax forms should i take advantage of, how does owner finance vs traditional lending change things and how does rental vs primary change things? 

Is a professional needed for this or can i file independent? Im not against either just looking for the most bang for buck method. 

Any insight helps and all information is likely to be new info. 

[Jana Cain]

@Donald Bowman Sort of. If your modified adjusted gross income (MAGI) is below $100k, the passive activity loss rules may allow you to deduct up to $25,000 in passive losses. That amount reduces from $100k-$150k MAGI, with $0 in allowable loss once you exceed $150k (MAGI). The loss is still captured and carried forward and can be applied if/when your MAGI falls below $150k.