Income taxes on just one rental
Hello,
I have a W2 and i own only one rental property. It is a Condo. I usually use a CPA to do my taxes, but this will be my first year as a landlord. The condo is on my name and not an LLC. I put down 20% to acquire the condo, and i spent around $1k for repairs. My net income is about $4k last year.
How should I file my taxes? As a business or a personal investment property? What should i deduct, and should I deduct depreciation? Any advice will be welcome since This is my first time doing it.
I am sure my CPA will advice me some but, some of you have been doing it for many years and very successfully. Thanks a lot in advance.