Tax deductions for owning investment real estate
Hello
I am trying to understand taxes on a single family investment. If I have a property where in the first year I have the following cash outflows, what expenses would be tax deductible and what percentage of those expenses would I be able to use to reduce taxes?
Year one assumptions
1) property taxes - 2250.00
2) Insurance - 500.00
3) Maintenance - 500.00
4) P&I - 9580.00
Total - 12830.00
Total 1 year revenue- 12000.00
Tax deductions ( can maintenance and insurance be added to tax deductions ? )
1) property taxes - 2250.00
2) interest - 8361.00 ( is there a limit to how much interest can bed used a tax deduction, if I had multiple leveraged investments? )
Total deductions - 10611.00
Tax savings? -----
What percentage of the eligible deductions could I use for tax deductions? How is this rate determined?