Taxes (rental home gains)
All
I have a rental home in Folsom that I recently started using a PM for. The rent is 2095 but only cashflows about 100$ PM as i have a 15 year mortgage. I have an equity of 250K plus in the home now, so I am ok that the cashflow is low.
I ended up with about 7K of rental income profit (after depreciation/mortgage interest/expenses) when I did my 2015 tax. Anyone in same boat , low cash flow and taxable income is high.
What are you all doing in that situation. The property is in great shape (got new laminate in ground floor and new carpet for bed rooms when my old tenant left) and I landed a potential long term tenant (single elder person with solid income), so don't want to cash out
Cheers
Sunny