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Updated almost 5 years ago, 03/08/2020

User Stats

41
Posts
11
Votes
Joe Delgrosso
11
Votes |
41
Posts

No Tax Benefits From Owning Properties?

Joe Delgrosso
Posted

Just heard back from my tax accountant and I was expecting some good news that we were getting a positive return from owning 6 different rental properties (bought 2 in 2019) but instead he tells me that we're just breaking even. 

The reason being that we make too much from our W2 jobs to claim depreciation. The income we make from the properties is all written off from the expenses we claim, which is great. But I was hoping to get a return. 

Any thoughts on this? Is he missing something? I know I'm probably being vague, but I'm tax illiterate. 

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