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Updated almost 9 years ago,
Putting aside money for taxes
Just closed on my first house in america 2 days ago! As a foreigner its a little scary trying to tackle taxes. So I'm trying to get some basics down before i dive into the details.
I bought a house in Indianapolis. Price aprox 50.000, with a rental income of 750 pr month. I don't have a mortgage, and I believe my property taxes are about 800 per year.
How much money should i put aside per year to be sure I have enough to cover my other taxes?
I do understand that it will depend on my write-offs, but I want to be certain I have enough.
Does 175 per month sound like a lot? thats 2100 in a year when expecting a rental income of 9000?