But, You really can't deduct passive losses onto your main 1040, especially since you are in the 37% bracket. 

House has been cleaned, carpets shampooed, but we do have 4 screw holes from the TV mount to deduct from the security deposit4.)

I have a side-hustle representing a revolutionary device that:  * Restores and purifies the body by assisting the lymphatic system and helps detoxify* Prepares and supports your muscles for pre and post workouts* Reduces inflammation, reduces swelling, faster healing* Revitalizes the body with body contouring and cellulite deduction* Enhanced sleep and mental clarity...and a lot moreThis device is connected to an app uses AI to track results and progress. 

If so, do you have to add these expenses to the cost basis of the property or can they be fully deductible?

For deductions, should I only use 20% (1 out of 5 BR) or is it possible to use the actual sqft (bedroom + shared area)? 

Property walkthrough  
Hey everyone! I just closed on my first house Friday and am doing all of the work myself with my step dad. He has been working on properties his whole life so he’s a great resource and partne...

For newly constructed, purchased or renovated properties and also retroactive generally over the last 10 years, building components are properly classified into individual units of property and accurate recovery periods for computing depreciation deductions.

So let's say next year your income on the first one after next year's deductions is $3724 and let's say the income on the second one after next year's deductions is $16,000.

Tax season often leads to creative interpretations of what can be considered a deductible business expense.

I would keep receipts on whatever it costs you to clean up and remove personal items and then deduct that from the tenant's security deposit.