Investor · Boca Raton, FL · Member since 2015 · 13 posts · 3 votes
Hello,
I have a W2 and i own only one rental property. It is a Condo. I usually use a CPA to do my taxes, but this will be my first year as a landlord. The condo is on my name and not an LLC. I put down 20% to acquire the condo, and i spent around $1k for repairs. My net income is about $4k last year.
How should I file my taxes? As a business or a personal investment property? What should i deduct, and should I deduct depreciation? Any advice will be welcome since This is my first time doing it.
I am sure my CPA will advice me some but, some of you have been doing it for many years and very successfully. Thanks a lot in advance.
Investor · Dallas, TX · Member since 2015 · 446 posts · 197 votes
9y
Schedule E.
What software are you using.
Yes you should depreciate.
You need to spend a little time browsing the Internet for relevant IRS Publications and other guides.
It's nothing too complicated, your CPA will file a Schedule E showing total income less expenses and will have to depreciate the unit. Under some circumstances more schedules need to be filed. This will all be added to your personal taxes. Good luck!
Sorry I posted at the same time as Marco and he said it all!