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Money and Finances
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[quote=Anonymous][quote=Anonymous]Like a previous poster said, open up a separate bank account and company for the property. You can deduct travel expenses to and from the property, any repairs, replacement of carpets etc, maintenance, and depreciation. This should more than offset any profits you would make on paper. This your net tax burden may just even out. [/quote] I'm confused by this last sentence. You don't just get taxed on the profit. You get taxed on the income. Even if you have zero profit, you are paying taxes on the income . I could be misunderstanding something though.[/quote]
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