I don’t need to submit a No Tax Due Report?

I purchased a 1 BR 900sqft condo in 2021 with a depreciable tax basis of ~$275k and spent most of 2021 and first half of 2022 renovating the property (new appliances, flooring, painting, furniture, bathroom renovation, new kitchen countertops, new electric heaters, insulation, fireplace/pellet stove).

This has been a side thing for us, and our accounting has been old school manual spreadsheets, along with rent collection varying from tenant to tenant (Zelle, PayPal, cash app, etc…) neither of us are great at keeping up with accounting which makes tax time a nightmare.

You can write off expenses like taxes, insurance, etc.

Looking for a CPA/tax consultant.

I like Tahoe Reno, NV market because of the appreciation growth, low taxes, landlord friendly, and constricted supply. 

Make sure that you have enough cash not only for the down payment, but also to cover the costs of closing, origination fees, property taxes, insurance and so on.

BUT if you do you will pay tax on the difference.You've been told or you've researched and think that you will not pay tax on your original basis and that is correct. 

The total of all depreciation taken is taxed.

remember your first home is not your forever home, it's your first rental so it doesn't need to be everything you want.look for homes where the bones are good, but cosmetically needs love. don't by pre 1960 if you can help it. you'll end up just having to replace all the guts like plumbing and electrical at some point. it's inevitable. look in areas where the path of growth is headed, but might not be currently. think 5 years out. look for resources like your local chamber of commerce to see what businesses are coming in and where. your city planning office should also be on your call list as they can help show where most permits are being pulled for development. follow the money. go to local investing meetups. crowdsource local knowledge and form meaningful relationships. those who've gone before you typically will help out and help you avoid the mistakes they've already made. onward.