Now this is an annual thing (for all new properties).For rough math, you can generate a tax write off about 15-20% of the real estate value: one a million you can expect a $150k to 200k write-offs.

These expenses can create a paper loss, which may offset other passive income or carry forward to future years.If you qualify for Real Estate Professional Status (REPS) or actively manage a Short-Term Rental (STR), the losses can be applied against your active W-2 or business income, reducing your overall tax liability.

So, I am not a "professional wholesaler". 

@Tar-U-Way Bright Using your LLC for real estate ventures offers legal protection and tax benefits.

There is no Property tax GIS map.  

Our dollar is losing value so you need to be with a solid operator in institutional assets that cashflow in markets while hedging inflation with tax benefits. 

The Numbers:Cash Flow Analysis: Investors typically look for properties that will generate positive cash flow—meaning the income from rent covers the property’s expenses (mortgage, taxes, maintenance, etc.) and then some.

I would reinvest in a another property and use a 1031 exchange to detour taxes.   

I haven’t made any profit yet and I’m wondering if I should still file taxes for my “business “. 

You want to make sure the seller is getting their fair side of the deal but especially from a tax perspective, there are ways in which you can make it very lucrative for them.