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Updated over 4 years ago on . Most recent reply

User Stats

15
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9
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Gabe Bouldien
9
Votes |
15
Posts

Rental Property Tax Deductions

Gabe Bouldien
Posted

Just bought my first property. It is needing a few things such as new dishwasher, minor roof repair, minor electrical work, and new toilets. I read that I can write off up to 5k in startup costs, but have also read that this deduction is only relevant for active real estate professionals with active income (not passive). If I do have the 5k window I would like to install new windows too. If I can't use the writeoff I will put off as much as I can. 

I am confused and need clarification on what is right.

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