Updated about 8 years ago on .
rental income/tax question
Hello- I'm new here and am currently making an offer on my first MFH investment property. It's a very old property (late 1800s), so I will be wanting to set aside a good chunk of money in a reserve account for maintenance and Capex.
I'm currently self-employed and write off everything under the sun (that's legal, of course) on Schedule C including all home office & related deductions, most of my automobile miles, cell phone, etc, etc, etc. At the end of the year, I pay very little in taxes.
By owning a rental property, what ELSE- in addition to everything I already write off- will I be able to deduct? I'm worried that I won't have enough add'l deductions, and that I'll end up owing quite a bit more in taxes than I currently do. What am I missing? I don't really understand this part of RE investing very well, so if anyone could shed some light or share their thoughts, that would be appreciated. TIA!