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

[Jeff Howard]

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?

[Ashish Acharya]

@Jeff Howard , 

If you had reached out last year, there might have been some room planning to make your expenses as deductible as possible. It is too late to plan, but I can tell you generally what happens, 

1) Honestly, there is not going to be much start-up cost with rentals. Even if there was, it might be limited because of the expenses for just investigating the market for individuals is treated are personal cost. 

2) We need the breakdown of the 15k to tell what goes where, but in general:

• Most of the closing cost will be added to the basis of the property.   ( title fees, legal fees for prep the contract, recording fees, transfer taxes, title insurance, back taxes paid and others) 
• All the improvements to the property will be added to the basis. ( unless you qualify for de minimus safe harbor of 2500) 
• All the repairs done before placing the property in service is added to the basis. Anything after can be deducted the same year. 

If you are not sure how to handle the expenses, Please talk to qualified professional as you want to do this correctly and more beneficially in the future as well. 

Good luck