A brief overview on taxes

[Andrew Gudmunson]

I just put an offer in on my first rental property! I’ve been back and forth a little bit with the sellers and it seems like we settled on terms that work for both of us! I’m super excited but I have a lack of knowledge as far as taxes are concerned. If we close in the next few weeks what kind of tax implications can I expect when I file this year? I know my interest amongst other things are considered write offs, but are there any other major items I need to consider as far as taxes? If anyone can just give a brief overview that would be awesome!