How to Write Off Maintenance expenses on my properties

[Ed L.]

I'm growing my rental portfolio and I am a little confused about how to handle my taxes.

With Maint expenses do I need to record them as they come in and then deduct from Income for my taxes?????

OR.

Can I put aside XX amount every month for "Planned Expenses". Then Deduct that amount from my gross income.

My concern is for future big ticket items such as new roof and HVAC.

I'm just trying to get a idea of how it works before I suggest something ignorant to my CPA. Poor lady has had a hard time schooling my wife and I.

Over the past year we have hired our first W2 employee, Bought a Shopping center, Opened a Retail store, Closed a retail store :oops: Flipped property, & Bought Rentals. Also have the RE Brokerage and all my 1099 workers.

Something tells me she is going to charge a little more this year.

[Justin S.]

Ed

You need to make the distinction between repairs and improvements. Repairs are deducted the same calender year and improvements are depreciated over several years (I think). There is a landlord guides by Nolo that does a good job of basic tax planning and rules.