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Updated about 4 years ago on . Most recent reply

User Stats

144
Posts
72
Votes
Christopher Davis
  • Rental Property Investor
  • Boulder, CO
72
Votes |
144
Posts

A few general accounting questions please

Christopher Davis
  • Rental Property Investor
  • Boulder, CO
Posted

Hi, I'm a bit new to landlording/investing and I'm just trying to get mentally prepared for some fun tax filing next spring. Wondering if I may ask a couple general questions to the wonderful community here. In uncharted territory... Thanks very much!

  • If I have a rental property in another state, do I have to file a state return in that state? (In general, do you have to file in each state in which you own a property?)
  • What are the main ways to treat or deduct rental income when filing? (A mortgage broker mentioned to me in passing a while back that I could "write off" or somehow treat rental income favorably, but I never got the full explanation.)
  • Where do I factor in depreciation on said rental property on tax forms? Can you factor in depreciation on primary residence?

Crude questions but I'm just getting started, thank you

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