Tax, SDIRAs & Cost Segregation
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Updated over 7 years ago,
Tax Deductions on a Rental Property
Hi all,
I recently got my first deal under contract, it is a SFR in St. Louis that will be held as a rental producing positive cash flow. I was wondering what some of the tax deductions I will be able to take are. I know that I can depreciate the value of the structure over 27.5 years. And I believe that I will be able to deduct all expenses related to the property (property management, repairs, utilities, taxes). Are there any other deductions I will be able to take? Will I be able to deduct some of the closing expenses, such as closing costs and inspections? Can I deduct the interest paid for the mortgage like I do for my primary residence?
My income is below 100k, which I think has an effect on how the deductions work.
Look forward to your answers!