What are rental write offs?

[Tyler Kavan]

Hello All,

I am closing on my first rental property this week and am extremely excited to get started. I am trying to prepare as best as I can before closing to get everything setup as needed. Once the property is mine I am wondering what is classified as a tax write off for my rental property and what are my best ways of tracking my expenses? When it comes tax time am I going to need a list of receipts or how does that work? Any input would be awesome. Thanks guys!