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Updated about 9 years ago,
Depreciation still possible?
I am looking to buy a rental property turnkey. I understand some tax benefits should be money I used on maintenance and the mortgage, but the biggest one depreciation seems to be out of reach.
Do most people still use depreciation as a tax deduction? Are you satisfying the requirements which I believe are actively working in real estate for 750 hours? Can you argue that even though you hired a property manager, you are still delegating responsibility and monitoring activity and therefore you are actively involved?
What about the 25k write off in passive losses?
What about deducting for a "home office" even though you have a property manager?