In June this past year, we moved out of our condo in the Seattle, WA area that we initially purchased in December 2005 for $240K. We were able to purchase a new home and decided that we'd rent out our condo. We created a LLC with the state of WA and we are renting our condo through the LLC.
I'm not an accountant and do plan on seeking an accountants help with my 2011 taxes, but I was hoping to get some information to prepare myself for the upcoming meetings. The biggest question that I have is how to handle the depreciation. How would this play out? The county estimates our land to be worth $21K and our improvements to be worth $182K.
This is a fairly basic business and I'm pretty sure that my breakout of income and expenses below is accurate.
- Rental Income
- Mortgage Interest
- Property Taxes
- Home Owner's Dues
- Property Insurance
- General Maintenance