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Updated about 6 years ago,
Tax on real estate income
I just have some general questions about taxes on real estate income:
1. If I turn a profit on real estate, what tax rate would I pay? Long term capital gains? 15%? 23.8%?
2. Is there a way to always avoid taxes even after exhausting losses? I realize there are many ‘it depends’ answers, but just looking for general answers
3. If I start living off my rental income, can I still take off itemized deductions such as my personal mortgage, property taxes, etc against rental income or do I have to become a professional?
Thanks!