New to renting here and I have some questions on taxes and how to approach it. I bought the house this year and had some expenses on the house.
Basically I made $4350, but spent probably about $5000+ in repairs and maintenance things.
My questions are:
1) Is there a threshold $ that you can choose to not report if it's under s certain amount? If so, would there be any benefit in reporting it since I paid out in repairs and maintenance more than I profited with my personal income?
2) Is it better to do this without registering a LLC for the rental or keep it part of my personal taxes?
Also, if you have any good tax resources (personal learning) or a good tax person, please let me know! Thank you!
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