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Updated almost 7 years ago,

User Stats

78
Posts
6
Votes
Jeff Howard
  • Edmond, OK
6
Votes |
78
Posts

First rental property last year, how can I write off more than 5K

Jeff Howard
  • Edmond, OK
Posted

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?

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