If you sell property you held for rental purposes, you can deduct the ordinary and necessary expenses for managing, conserving, or maintaining the property until it is sold.

It is one of those areas where you can get deductions on if it is deplorable, but no additional credit if it is stellar.

This seems a little absurd as it took me one year of oversight to be eligible for a license as a CPA :-) and a broker needs three years of oversight as a salesperson.Can someone please give some legal insight on to what they're seeing in the NJ market for this because I am positive that people are not providing license numbers to be super hosts on these platforms.Link to previous thread: https://www.biggerpockets.com/forums/530/topics/739844-need-advice-on-serving-as-short-term-rental-property-manager-nj?

If I pay a loan off completely, can I deduct the wire fee? 

Then the remaining 70% I deduct repair cost and fees.

Our lease states: "DEDUCTIONS.

@Tyrond Duplantier Jr. if the loan falls under conforming agency loan (FNMA or FHMLC) then you should be eligible for Delayed Financing.  

A tax deduction is only worth 25% or so of the cost.

But then I started to wonder if this would have implications on the tax deduction of our primary residence mortgage?

So if your actual profit is $180k (often what people consider profit isn't true taxable gain) then your income is now $180k (Give or take for deductions/credits)  for the year- and your gain will be based on that accordingly.