On a rental, find what the property would rent for per month, multiply it by 12 (annual Income) and then subtract taxes, insurance, holding costs, (whatever else you account for) and divide by your offer price to get your net ROI.

One way is to personally fund the business checking account and pay the mortgage every month that way.

File Form 3115 instead since it doesn't require amending, you can file it at any time and you'll get your catch-up depreciation credited to your taxpayer account within 30 days.

Hi Account Closed - fair points.  

Accounting for 8% property mgmt few, 5% maintenance, 5% vacancy, 5% cap ex even though it is freshly renovated.

Thanks for the mention, @Ashish AcharyaUnfortunately, @Manuel Naranjo, I agree that you need another accountant.

If have to file an amended return, then My rate of return  is going to be crushed  by the cost of paying my accountant for the extra work.

Hi BPMore than likely I will be moving out of my house to rent it out as my first rental property.  I know just about nothing when it comes to taxes.  I feel like taking on a rental, as well as purchasing a new primar...

It takes into account the repair cost, the holding period, and the after repair value. 

@Stephen Kunen Thanks I would be interested in the meet ups I will message you for info Account Closed Thanks Hannah!