What's the best way to track your property income/expenses for tax purposes?

It's a bit of a luxury, but once it is set up properly, it is very easy to track income and expenses.

It would probably be best as a strategy to reduce your living expenses so you can save up for the next deal. 

If you- own a short term rental in your name- have a mortgage on that property - self manage Do you still create a LLC to manage your rental business or do you manage it under your name and then file income and expenses as part of your tax filing?

I prefer to look at returns based on long-term expenses.

3- Can I use this strategy and deduct all business expenses if I finance the property with a secondary home loan, or should I only get an investment loan?

The short-term rental is a bit more work, but it covers a lot of their expenses. 

This property will have property manager to pay all expenses and deposit rents. 

This is typically the excess of deductible expenses over taxable income.Report the NOL on Your Tax Return: On your 2023 tax return, you will need to report the NOL on Schedule 1 (Form 1040), Line 22, "Other income."

Brooks offered $400k because real estate in Solano County, California is expensive and my credit score was up seven points.