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This isn’t enough detail. How is the property owned? Where? And what state are you in? I ask because I hope you own it through an LLC where the property is situated. So you’re going to go up to your state and the feds, but I don’t know whether the state where the property is has its own rules. That said, $950 seems really reasonable—too reasonable. To the point that I hope they’re actually doing their job in being creative about how tax favorable real estate in investment is.
Too much unless you have super complex legal entities