@Carrie Zhang My accountant has NEVER in 28 years of working with him allowed me to deduct meal expenses.

Whether or not it is booked, the expenses continue, and are fully deductible.

If you cash out refi you won't be able to deduct your mortgage interest until you deploy the loan proceeds on another rental - and you must keep them segregated until then.

@Spencer Feuerbach,  @Mike LambertAlso, just to let you know that if you are not a Spanish tax resident, or a EU tax resident, if you rent in Spain, you are not allowed to deduct expenses from your rental income.

And, to make things even worse, after I deduct all the expenses, costs to hold property, repay the loan with huge interest rates, I would end up with little or (possibly) no profit at all.

Levi's: 15% of workforce 5.

Because everybody has a different way of financing (or not), so p&i are deducted extra to the "Rule"]...

I currently have a CPA (only handles taxes and offers standard tax deductions advice) and a wealth manager at Abacus (handles retirement investments and stocks- IRA, 401K, etc).

@Jeffrey Levy With the free version, the yellow 'sticks' on the map are current listings.

-If we sell after year 2, do we claim 250k(yr 1) and 125k(yr 2 with half the house rented) for total deduction of 325k gain?