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Updated over 7 years ago,

User Stats

38
Posts
33
Votes
Derrick Lloyd
Pro Member
  • Investor
  • San Diego, CA
33
Votes |
38
Posts

Tax Deductions on a Rental Property

Derrick Lloyd
Pro Member
  • Investor
  • San Diego, CA
Posted

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!

  • Derrick Lloyd
  • Loading replies...