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Updated about 4 years ago,
A few general accounting questions please
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