 Income tax 2022-2023. Residential rental property, rental income and expenses if no personal use of dwelling. Part number one. Let's do some wealth preservation with some tax preparation. Most of this information comes from publication 527 residential rental property including rental of vacation home tax year 2022. You can find it on the IRS website, irs.gov, irs.gov, looking at the income tax formula. We're focused on line one income. Remember in the first half of the income tax formula is in essence an income statement, but just an outline other forms and schedules flowing into these line items. One of those, the schedule E, having rental income minus rental expenses. The net rental income in essence flowing into line one income of our income tax formula. Let's get on to the rental income and expenses if no personal use of dwelling.