If you're new to real estate investing and you've recently purchased a rental property that you plan to generate income from, don't forget to pay your taxes on this income. The amount of taxes you pay will depend on how you use the home.
Perhaps, for example, you live in the residence most the year and rent it out for just a couple weeks each year. If it's 14 or fewer days of rental income, you probably won't have to pay taxes. If it's more than 14 days, on the other hand, you'll have to report it to the IRS.