How Much am I Being Taxed on Rental Income in Ohio?
Hi! First off, please forgive me for my level of tax ignorance. My friend asked me this question who is looking to get into REI and I honestly could not answer it. That's what BP is for :-).
If I am grossing $2,000 in rental income on a property and netting $500/month, what taxes am I paying? I know this is probably basic tax knowledge, but still trying to learn more.
Thanks!