Like "it burns" with a hard E.

Not counting property income at 75% when property hasn’t been on sched E for 2 years, no income is counted on purchase property.

You can use the standard rental income form or I believe IRS prefers it to be taken as self-employment income (schedule e / schedule c) which if is a loss, can be deducted off your regular income, however if positive may incur paying more.

Ramblin Jack's 520 4th Ave E Olympia, Washington 98501

If you'd like more information feel free to reach out to me. best way is to e-mail me or through facebook.

@Zalman E.

https://newsroom.uber.com/us-dc/e-hail-to-the-chief-your-ubercade-is-arriving-now-2/

You've traded 'asset protection' for limited financing options.If you don't care about getting spam e-mail the rest of your life, try lending tree or quicken/rocket mortgage maybe just to see.

Because you are a first time landlord, first time filing a Schedule E, and the questions you are asking suggest you are not very familiar with the jargon and terminology used in the real estate and mortgage lending business, I strongly suggest you use a professional to prepare your tax returns, both state and local.The real value of a CPA is not to prepare a tax return, but rather, the tax planning advice the CPA can offer for your investment strategy throughout the year. 

@Philip WilliamsJust came across your post today; it was featured on one of the BP E-mail Newsletters.