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All Forum Posts by: Jillyan MacMorris

Jillyan MacMorris has started 13 posts and replied 53 times.

Post: Tax Benefits on First Property?

Jillyan MacMorris
Pro Member
Posted
  • Rental Property Investor
  • Chicago Suburbs, IL
  • Posts 54
  • Votes 38

Thank you! I'm looking forward to it!

Post: Tax Benefits on First Property?

Jillyan MacMorris
Pro Member
Posted
  • Rental Property Investor
  • Chicago Suburbs, IL
  • Posts 54
  • Votes 38

I plan to move out and have someone else move in to rent it. I haven’t done so yet, but I’m thinking about the taxes I’ll be filing this spring after purchasing the place last year.

Post: Tax Benefits on First Property?

Jillyan MacMorris
Pro Member
Posted
  • Rental Property Investor
  • Chicago Suburbs, IL
  • Posts 54
  • Votes 38

I purchased my first place in 2021, putting 5% down because I moved into the property. I plan to rent it out next year, but I wonder what write-offs I can take on a property that was not financed with investor financing. I've made a handful of improvements, but I've never done this before! I suppose it's just what regular homeowner would write off, but I don't know what that is. Would someone be willing to advise?