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.

If our option was to expire and there was no buyer at the time seller would owe income tax on the 1 million plus we have paid them..

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

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

Is it real that you can save on W2 income taxes if you have a short term rental.

Quick question, I’m in California and will have a sizable, capital gains tax bill owed to the IRS and the state of California in the near future. my question is how quickly does the capital gains tax liability need to be paid?

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).