My tenants are asking for my personal address for their taxes...I have only 1 property and am very new to being a landlard.

Happy Investing 🏠Happy Weekend ☀️God Bless America 🇺🇸 I was with you right up till the refundable deposit.......What's the point of a deposit if it's refundable?

Yes, he's gotta report that rental income on his taxes.

It's a cool way to learn, build equity, and score tax benefits.

That sounds like capital gains tax on $63k-$113k depending on sales price and closing costs. 

You'll also need to consider ongoing costs like maintenance, taxes, and possibly financing. 

.- If I deduct the depreciation for tax purposes, I can't add the flooring cost as an improvement to the cost basis when I sell the property down the road correct?

The tax code is verry complex and everybody even accountants will tell you different opinions as to what is right and wrong.

Assuming that John’s wife is managing the Airbnb Rental and qualifies as a material participant, John Doe’s family can deduct $150k from their w2 income for the year 2022 (Bonus depreciation 100%).This would equal $33,000 in a tax refund for the family.

The flood insurance is offset by $600 yearly taxes, but I am having a hell of a time trying to sell it at $93k.