TX Tax question on Rental Properties

[Jay B.]

Hi, I've bought 3 Single Family Rentals over the last year and a half. Some rehab was involved, Nothing major. So far its been going pretty well. My monthly numbers are pretty good after Loan Pmt, Taxes and Insurance, I'm clearing Approx $575-$600 on Each. My question is what can i recover when i'm filing my taxes. This is Pretty New to me and i want to make sure i'm getting all i can back to Re-Invest .

Thank You for Any Assistance. Jay in Texas

[Basit Siddiqi]

@Jay B.

If you plan to file your own return - You should look into reading the following form instructions

Schedule E - supplemental income and losses
Form 4562 - Depreciation & Amortization
Form 8582 - Passive Activity Loss Limitations

However, you may be better off find a professional who can prepare your returns correctly and provide you tax advice.

Your rehab expenses may need to be capitalized if it was paid before the property was livable.

You should be entitled to other expenses outside of interest, taxes, insurance(remember paying down loan balance is not a deduction).

You should interview a couple accountants here on BP.