I'd deduct at least $10k between lender/title fees and escrows, so now you're at $22k.

(These averages represent state-level data, and individual cities may levy additional taxes.)To achieve the same level of cash flow as a property in Nevada, you would need to generate a higher cash flow in Texas and Florida to offset the higher operating costs.Texas: The property must generate $5,752 ($9,256 - $3,504) more cash flow annually to compensate for the higher operating costs.Florida: The property must generate $2,343 ($5,847 - $3,504) more cash annually to compensate for the higher operating costs.Overhead costs can greatly affect cash flow.

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. 

You can also be hit with special levies or increases in the fees as well as the condo board changing rules regarding rentals.Three years ago when I was looking at a higher end condo vs a single family home, the comparables in terms of rent were a condo for about $240K with monthly fees of $250 (I think) vs a single family home for $270K. 

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.