First Property, Year 1 tax question

[Joe DeLuca]

Hi all, I’ll be closing on my first property within the first weeI of November, an owner occupied triplex. Assuming it takes me a month or two to get ready and tenanted, I may get a months worth of rental income. I’m wondering if it’ll be worth it to itemize deductions for my 2018 taxes or Just take the Standard Deduction. I typically just have W2 income (~$60k w2 income) Also Assuming, the following: - About $5k make ready costs initially for the rental units - About $14k down, $7k in closing costs.