Deductable expense.I'm waiting to get a copy of the signed and filed final Judgment -- this is the court document that says what the case was about, how it proceeded, what the arguments were, and what the judge finally decided.

On my 2021 return I didn't make take any deductions related to the property.

An example would be a $1M purchase with a $250k deduction (at 60% for 2024) results in a $150k deduction.

Get Nolo Landlord Deduction Guide book, learn how to use and track every deduction available to you.3.

Assuming you meet those tests (which you likely do if you used an attorney), you are entitled to the deductions.

With insurance premiums for apartment properties increasing so dramatically in recent years, I am leaning towards trying to save some costs by increasing my deductible to the highest deductible possible.  

In this case, if you have a documented list of damages that the previous tenants have done, then this is fair grounds for you to deduct it from their security deposit. 

Trying to keep the logic simple if every house you own you can deduct 3 main categories on your taxes (property taxes, depreciation, mortgage interest) if I paid off a house I would make more with only two primary deductions.  

In my case the property is old, bought in the 1980's and was a primary residence for many years,(until recently), there would be a significant amount of money spent on capital improvements over those years that could be added to the 250K exclusion + basis that could be deducted in a typical residential sale.Therefore is that extra capital improvement deduction lost in the 1031 transaction ?

With insurance premiums for apartment properties increasing so dramatically in recent years, I am leaning towards trying to save some costs by increasing my deductible to the highest deductible possible.