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!