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Updated almost 7 years ago,
First rental property last year, how can I write off more than 5K
I bought my first rental property last year and I am trying to write off as much of the expenditures as I can. We had a lot of expenses going in, closing costs, repairs, and improvements. Our total expenses outside of house payments was over $15,000 including closing costs in 2017.
I am reading the book "Every Landlords Tax Deduction Guide" and am getting bewildered. Here is my question...
I know I can write off up to $5000 in expenses for startup cost, but what about closing costs? What about maintenance? Can I write off maintenance over and above the $5000 limit? Is the $5000 a free deduction off my 15K, and the rest I have to figure out how to justify?
I was told going in you can write off everything, now i am thinking that's not true?
Help? I have searched and am reading that book, is there a good post someone can point me too?