Rental property income investing
Hi all!!
I think I know the answer is yes, but I want to get some input.
If I profit $10k (or any amount) from rentals and invest all that into the next rental purchase to add to my portfolio, do I pay taxes on that $10k?
Like I said above, I believe the answer is yes, because it is still income. Then I think, well I am investing it into the LLC to build the business, and I get a second guess in the back of my mind that it may be able to be written off as a business expense.
Any advice would help, thanks in advance.