accounting and tax basics for one rental property in my LLC

[Seth Nowak]

Last December I bought my second rental property and have deeded it over to my LLC which I set up for this purpose.

It has been cash flowing very well every month, so I'm thinking I'll have to pay income tax on the profits. Until now, I've been doing my own federal and state income tax returns through TurboTax.

I'm wondering about the basics of accounting and tax for this -- wondering what I don't know, that I don't know about it.

Do you have any tips or advice? Is it worth it at this point to hire an accountant? Or is it just an IRS form or two that are built into TurboTax that will flow the income through to increase my taxable income from my day job, no big deal? 

[Patsy Waldron]

@Seth Nowak

I use H&R Block's online software (the one-step-up from-basic package), and it asks about rental property income right after employment income. It then adds everything together to get to total income. I would imagine TurboTax has the same feature.