Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.
Good evening. Once you move and start leasing the property
in Seattle, it will become rental property
. You will have to report the rental income
as income and you will get to deduct your mortgage interest, your property taxes
, fees, maintenance, etc. In addition, you can depreciate the property and this will be a non-cash outlay deduction to also offset your rental income. This income and deductions
will be reported on Schedule E
to be attached to your Form 1040
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