Newbie questions/advice on MIL suite tax advantages

[Dustin Jones]

Hey guys, new BP member here. Short story: I'm 30 with a stable income in healthcare, my wife just got her RE license and is working for a great agency now (kids are 3 and 6 so she stayed at home during the young years). We are looking to invest now in RE properties but my current question is for our mother-in-law suite. We completely renovated an old place and moved in Oct 2016; current mortgage is 2.2k/mo and tenant pays $1375 (he started March 2017 and is going through June 2020). What type of tax advantages do I get and any good BP posts/podcast episodes on that? My tax guy is great and should help me through some of these questions but I want to educate myself and not be 100 dependent on what he says.