If you have the other expenses, such as the property taxes, water and sewer bills, heating bills if the landlord is responsible for those, electric bills if there is a landlord account, and any other bills you as the landlord would be responsible for monthly you can total them up and see if they will be more or less than the $900/month rent your apartment will generate once you eventually move out of it.

Hi Emily, I'd say Azibo, Stessa, REIhub are good rental accounting options that offer income/expense tracking, financial reports and tax reports (Schedule E).Azibo and Stessa offer business bank accounts.

In this case, how and when can we incorporate those expenses into our taxes? 

It doesn't make sense be in a -$800 a month (at best) while paying a huge monthly payment with high property taxes.

QuickBooks Online one reason is you can:- Budget- Compare Profit and Class by Year- Track your Assets and Liability- Know your equity

I feel like if I pay 15% bonus taxes, I should be able to write off my car I drive for my business haha. 

No W2, tax returns etc.

Also your cost associated with holding (utilities paid by landlord or tenants, taxes).

Just like your saved after- tax money in your bank is not taxed each year. 

I am curious what tax benefits I can claim, if any, specifically:1.