How does rental property affect my taxes?

Rental property is real estate that you lease or rent out to others. Examples include single or multi-family units, vacation or room rentals, and even land that you lease. If you received this income, you should’ve gotten a Form 1099-MISC or Form 1099-K, or have other records like receipts or bank statements. Your expert will also account for rental property expenses and depreciation, which can save you money on your taxes. Form 1099-S reports income based on real estate sales or exchanges; for example, if you sold your home, rental property, or land.