Updated over 1 year ago on . Most recent reply
Is this profitable? Not sure if this is good or bad
I got my tax return, schedule E and my property due to depreciation, took a loss. Not sure how to feel about this? See attached Supplemental Income and Loss, statement.
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Bill B.
#3 1031 Exchanges Contributor
#3 1031 Exchanges Contributor
- Investor
- Las Vegas, NV
The “good” news is you made $3,300 and it’s tax free. Maybe even gave you a deduction against other income. The bad news is you could make the same $3,300 with $60k in the bank. So hopefully you don’t have a $100k in equity.
In other good news, your interest expense will go down every year and hopefully your rent will go up every year. Can you shop the insurance? It looks overpriced.