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Deductions that flow to personal income
Hey guys - I work full time and I'm looking at buying my first rental, holding it within an LLC.
I know investment property mortgage interest can be a deduction against my personal income (even if the property isn't cashflowing, right?). But are there any other deductions that flow to my personal income?
IE: If I have office expenses, can I deduct them from my personal W-2 and lower my effective tax rate? Or will it only get applied to the profits of the property?