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[quote=Anonymous][quote=Anonymous]first time landlord here.  I suggest working with a CPA and don't go with the software. You want to be sure everything is absolutely correct.  As for our property, we barely break even.  The rental income covers the mortgage and real estate taxes for the property and everything else (repair and upkeep) it comes out of our own pocket.  Thus, we incur a net loss on the rental income, which carries over to our earnings and helped us lower our tax bill substantially.  factor in depreciation as well, and our losses were bigger than we thought.  i don't mind the losses because the money is helping our rental nest egg be in good shape for future tenants, and of course, it's our property.  in the normal course of owning owner-occupied property you DONT get a write off home repairs, but with rental income you do.  in the end, i am very happy with my decision.
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Unless you are making $100k or less or are in the real estate biz, you cannot deduct the losses on your 1040. You carey forward the losses until you sell, and then you can take the loss the year you sell. [/quote]

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