Taxes on a new rental

[Angelo Llamas]

Recently bought a rental that I am living in and will start to renting it out early next year. I’ve done my calculations and have seen that I will be breaking even with this investment day one. On a rental that’s not generating income is it any different book keeping wise then you would for a rental that’s is making money Or what are good things to know or learn Thank you !

[Basit Siddiqi]

Correct - Track all your income and expenses.

The bookkeeping will determine whether you are profitable or not.
it will also be good to compare from year to year your income / expenses to see what expenses you can potentially try to limit.

I.E. If you see utilities increasing, is there a way that you can push this on to the tenant?

Best of luck to you!