The only thing I would suggest is look at the smith maneuver with the HELOC, it could unlock some of that equity and make the interest exp deductible against the rental income.Good luck!

If you didn't report your expenses for furnishing, repair, and renovation on your 2023 tax return, you may still be able to claim those expenses in the future when you generate rental income from your property.When you do start earning rental income and need to report it on your tax return, you can deduct eligible expenses associated with renting out your property, including the costs of furnishing, repair, and renovation.

I think the confusion is between active business losses which can be deducted verses passive investment losses, which I believe must be carried forward, beyond a certain limit anyway.

It’s also important to sit down (or have a virtual meeting) with your accountant on a quarterly basis to review your financials.Tax deductions are maximized.Ensure you’re getting proper tax planning done throughout the year, so you are minimizing taxes.

We have 2 W2s( Me+ Spouse).Have a primary residence SFH and 2 rentals.I have around $40K of rental income after all the deductions/depreciation.This time I used a CPA and I am a sure he tried his best to get all deductions possible.

Assuming you are using the "cash" method as a majority of 1040 folks do for businesses, property tax is deductible in the year that it's actually paid.

Look into setting an S-corp to potentially reduce self-employment taxes and Section 199A qualified business income deduction

These include reporting rental income, allocating expenses between personal and rental use, and navigating new limits on mortgage interest and property tax deductions under the Tax Cuts and Jobs Act of 2017.In places like Hawaii, STRs are subject to additional taxes, emphasizing the importance of understanding the local tax landscape.

As far as expenses for things such as electricity and RE taxes (paid in 2023), those will generally be deductible on Sch E.

Generally, you can deduct travel expenses directly related to your rental property business.