Your local S8 Housing Commission should have an info sheet on their website that shows their deductions if landlord chooses not to include electric, gas & water.Even more critical, your $680 mortgage amount, that you appear to be comparing to the S8 rent, should include ALL the other housing ownership costs: property taxes, insurance, vacancy/tenant nonperformance (S8 tenant may have to pay part of rent), maintenance & miscellaneous.Suggest you use the BP Calculator for this.

One of the allowed deductions beyond material damage is wear tear beyond what would be considered normal.

Any understatement will be deducted from balance due at close.

Something to keep in mind is that if you were living in 1/2 of a rental property 50% of the building maintenance will be tax-deductible (this is because 50% of the building will be investment property).

We have rental properties in various LLC's and until recently were under the impression that the deductions we could claim against my W2 income was limited to her percentage interest in the LLC's (i.e. since we are 50/50 members in the LLC that only 50% (her share) of passive losses can be deducted against my ordinary income.  

Additionally, LLCs can provide tax benefits through deductions like mortgage interest, property taxes, repairs, and depreciation.

Hello,Does anyone know if you can take a tax deduction for closing costs on the purchase of a rental property? 

Good luck most of my best deals dont cash flow a dime.. never have never will but deductive reasoning will see some nice appreciation over time.. example for me  Rohnert Park CA. 

We are drafting an accounting statement of security deposit listing all the deductions.

If walls are damaged enough to add extra cost to paint job, you can have contractor itemize that part as additional charge and deduct from security.