Hello BP community, I would like to gather some information that I have a hard time finding online. First, I will share my situation and story. I am 21 years old and just bought my first investment property in September 2020 with the plans of renting it out for 2-3 years and eventually move in when I am ready to leave home and when I can support the Mortgage, expenses, and living costs on my own. I am set up to double my income in the next 4 years being a pipe fitter apprentice. I bought this home, renovated it and got a family in about 3.5 months of purchase. I am currently receiving about $750 of cash flow per month! My main question is: Being that all my expenses were in 2020, I did not start making income until January 1st, 2021. When I go to file my 2021 taxes, can I include these 2020 expenses? My dad believes in himself as Mr. Tax man so we usually use turbo tax to file each year but being new and a little overwhelmed with the real estate space when it comes to the legal side of things I know many would recommend hiring an accountant. Any tips for me? Thanks guys!
I am located in the southwest suburbs of Chicago and would love to talk real estate with anyone in my area. I am just getting in, I am young, but motivated.
