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Updated almost 8 years ago,
TAX HELP! 1st year investor
Here is the slim & Quick -
-I am teacher, base salary 60K, (i referee multiple sports for extra cash)
-Feb 22 of last year I bought a duplex - my first property - 165k, 2 2bdr apts.
-My split is 700 a month roughly, so for a year if I had to fix nothing I would bring home $8400.
-Between lawn care and fixing a bunch of stuff I put out about 6K this first year in write offs I am thinking. (I have reciptss
My question is this - what do I need to be thinking and or prepared to do when I go see my tax person? I know bring all of my recpiepts and an itemized list of everything I have spent on the property. What else shoudl I be thinking ? Am I going to get killed on taxes ? One of my tenants is on section she pays 900 a month and 400 in cash - the other tenant pays cash.
HELP LOL - PS my brother is my tax guy, Im not sure if thats a great idea.