Rental property taxes

[Tran0287]

I’m renting out my condo unit that was once my primary residence, how much income tax should I set aside? Can I claim deductions for anything spent on my rental property e.g. paint, hardware replacements, etc.? Would I need an LLC for renting out the one unit or sole proprietorship or any type of business license aside from the rental license I already have? Thanks!

[leeloo]

Yes, all your expenses are deductable from your rent income. You do not need an LLC. Rental income and expenses are reported on Schedule E, which is not the same of self-employment. A business license may be required by your locality but that has nothing to do with federal income taxes.