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Tax question - owning home vs still having a mortgage
If i own a house (no mortgage) and rent it out for 1600 dollars. Is that 1600 dollars considered income and have to pay taxes on. Vs if i had a mortgage and 1000 of that 1600 goes to my mortgage and 600 goes into a “repair fund” or some sort account strictly for maintenance on that property.
How does that work? Does having an LLC owning that property benefit me?
If i personally own the property. How can that property then become owned by the LLC?
Any input is appreciated. In Florida if that makes a difference