@Carl
2nd question: When I am reporting my rental property income and expenses, let's say my expenses are more than the rental income. Assuming my rental income is $20,000 and my depreciation/expenses are $30,000, leaving me with a difference of $10,000. Can this $10,000 be reduced from my taxable income to lower my taxes owed? Or is the rental expenses just tied to reduce the taxes on the rental income?
This will be my first year reporting my rental unit so I don't know how it works. Thank you.
