Step 4 of 12 · Ownership
How do you own 12 Elm Street?
Just me
Me and my spouse
An LLC or partnership
Continue
Review
Here's your property.
OwnersElm Street LLC · 2 members
PurchaseMar 2024 · $360,000 · 25% land
Your building depreciationA deduction every year, with no money spent$0 / year
Est. tax saved in 2026$0by your deductions and depreciation
Banked for later$0Nothing banked this year
Repair · Ace Plumbing$480.00Saves ~$168
Mileage · 22 mi round trip22 miSaves ~$6
New fridge · Home Depot$1,800.00Saves ~$126~$630 over 5 yrs
Year-end report, 2026Schedule E summary, depreciation, carryover, mileage log
Download PDF
2026 Profit and Loss - 12 Elm Street.pdfDownloaded ✓
Questions for your CPA
$504 Deduct the new fridge in full this year?
$9,818 Is the land split right for depreciation?
$1,905 How much to pay each quarter?
$Saved! This entry saves about $168 in tax.