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Updated about 6 years ago,
Triangle area - North Carolina. Rental Property and taxes
Newer Landlord - have done my own taxes historically and felt pretty confident in them. Not as much now with a rental property. I am HUGE on using people who are recommended (for just about anything). I don't like taking risks on other people's abilities - I really prefer to do things myself. But I just worry I'm going to miss out on something at least the first time doing taxes with this rental property. Any advice? Any recommendations for a tax professional in the triangle area, preferably West of Raleigh? I think the biggest thing I'm unsure about is the depreciation part of it. And what numbers to use for the calculation there. Does the mortgage for the home count as an expense? Am I referencing the total I get paid by my tenants or just the difference between what they are paying me and what I have to pay for the mortgage (so what's considered the profit I guess)? Any very clear and specific resources you can direct me to? Thank you!