You have to complete Schedule E if you have rentals.You should check if the turbo tax premier version allows the filing of Schedule E.With that said, using a software like Turbo Tax will assume you to understand what is deductible.If you work with a tax professional, you are more likely to have an accurate return.

You may be required to make estimated tax payments when the property sells.It depends on what your 2024 total taxes due were and 2025 estimated total taxes / withholding / estimated payments are.If you pay in atleast 90% of the current year tax or 100% / 110%(Depending on 2024 income), you are normally considered good.You may want to consult with an accountant for more clarification.

In my opinion, since the tax code is open to interpretation, I interpret as much of my costs as repairs unless something obviously falls into the definition of asset.

I am looking for a firm that has experience appealing property taxes for residential homes in Detroit, Michigan.

Quote from @Mike Hansen: When out of state investing, how does one go about appealing their tax assessment?

Every time you lower your tax bracket you are lowering the value of the deductions.

Self-Directed IRAs (SDIRA) or Solo 401(k)s allow tax-deferred or tax-free real estate investing, though they come with IRS restrictions.

Income tax and local taxes.

I have two questions regarding mortgage interest tax deductions.First, last year, I purchased a HUD property at a significant discount and used a $70,000 HELOC from my primary residence for the down payment.

AppFolio is great for property managers, but investors often use Stessa, REI Hub, or Buildium for tracking income, expenses, and tax reporting.