What to prepare for taxes

[Joseph Arriesgado]

Hello BP Family! I didnt really plan getting into Real Estate or investing. Bought my first house and had to move due to work. I currently have renters and was thinking what should I prepping for taxes this year? Thanks in advance!

[Ashish Acharya]

Originally posted by @Joseph Arriesgado:

Hello BP Family! I didnt really plan getting into Real Estate or investing. Bought my first house and had to move due to work. I currently have renters and was thinking what should I prepping for taxes this year?

Thanks in advance!

 I dont know what you mean by prepping?

Are you asking how to report or what to report? What are your specific questions? 

Very Simply:

You will report 

Rents

Less: expenses 

Less: interest 

Less: depreciation 

= Net income/Loss

If your AGI is less than 150k, you can offset you W-2 income with the loss. You will report the rental Activity in the Schedule E of 1040. 

That is a basic overview. Let us know if you have any specific questions.