How much taxes do I need to pay on my single family rental?
Hello friends, I am just starting out as a rental property investor. I recently bought my second property as a primary residence and rented out the first one. The house I am renting out has PITI of 2700 and I rented it out for 3000 per month. So how much taxes will I have to pay at the end of the year, and what strategies can I apply to pay as low as possible?
Beginner investor here, would love to get your guidance on my investor journey. Thanks!
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Quote from @Anup Dhakal:
Hello friends, I am just starting out as a rental property investor. I recently bought my second property as a primary residence and rented out the first one. The house I am renting out has PITI of 2700 and I rented it out for 3000 per month. So how much taxes will I have to pay at the end of the year, and what strategies can I apply to pay as low as possible?
Beginner investor here, would love to get your guidance on my investor journey. Thanks!
Call your accountant, NOT the place to get tax advice , but I would pay zero based on 300 bux a month ,
Quote from @Anup Dhakal:
It depends on your deductions, what tax bracket you end up in, etc.
It's only $3,600. Even in the 24% bracket you would only pay $864.
