I graduated college in May of 2022 and took a similar path as yourself. I had only ever filled out W-2 forms for taxes, so moving on to more seemed scarier than what it actually was. I closed on my first duplex in August of 2022, and I filed my own taxes for the 2022 year. Like everyone else has already said, using an online software like Turbotax or FreetaxUsa is the ideal way to do it. I learned a lot through the process and I can say for certain that it's not as bad as you think. Just do your reading, educate yourself on real estate taxes, and follow the instructions from the IRS. You'll do great!
Here are some tips that I learned the first time around that you may find useful since you're in the same boat that I was/am:
1. If you're house hacking, things work a little differently with the tax code. You can only report expenses that relate to the units that are being rented out. Any expenses that only affect your unit cannot be written off on the schedule E form.
2. Go to the IRS website and see the categories for expenses that can be written off for rental property. Anytime you incur an expense, classify it as one of those categories, track the amount in a spreadsheet, and KEEP THE RECEIPT. If you're ever audited, the receipts will be your best case for proving that you reported expenses accurately.
3. Learn what you can and can't write off. This seems simple, but things change over the years. Make sure you're up to date on what you can and can't do.
4. Learn what expenses have to be capitalized. Larger purchases for the property have to be divided up and reported over a certain number of years. You can't always write off a large expense in a single year.
Overall, you don't necessarily need a CPA yet. If you're going to be investing for the long term, it's worth learning the tax process so that you can make wise investing decisions down the road. You don't want to be completely dependent on a CPA for understanding your taxes. I'd be happy to talk over my experience more if you'd like to reach out. Good luck!
