How do you handle taxes on rental property?

[Mike Shirley]

When buying, fixing, and renting property, how do i handle the business with taxes? I operate under an LLC, so should I just report rental payments as income taxes or is there more to it?

[Jake S.]

Hey @Mike Shirley I'd recommend finding a solid bookkeeper and CPA to consult with on this.

It'll be reported as rental income but structured correctly using depreciation and cost segregation (in some cases) you will be able to claim a passive loss on not owe income tax on your rental income