The income I get is SSDI disability gross $1340/mo. and $1278 after medicare deduction.

But, if you find that you will have a large tax liability this year, every little deduction helps!  

@Victoria CreightonPro-rata rules apply to non-deductible IRAs-an IRA where you make annual non-deductible contributions.So as long as you don't have any non-deductible IRA contributions, Roth IRA conversions are neither subject to the pro-rata rule or the 10% early distribution penalty at time of conversion.

The longer the length of years to depreciate, the less you can deduct from your taxable income (NOI)...for commercial ( 39 years). a shorter length would be favorable; it increases the amount you can deduct from the NOI which essentially means less taxes taken out.

You need a legal professional who is tough when needed, wise and very experienced.Legal expenses are deductible against taxable income if you're structured properly.Then again, this is the type of expense you should only need to put out once.All that said, of course, it sounds like you need to be dealing with the local LLC-friendly banks. 

Also, if your parents are listed as the owner, then they will owe any taxes on any taxable income from the rents, as well as being able to deduct the depreciation from that income. 

Hi all, this is my first real question here... a CPA recommended that for a residential rental business in NC I should start an LLC but buy the homes in my own name because a business cannot deduct the mortgage interest but an individual can.

Simple question: Can I pay my wife to clean a rental property instead of hiring a cleaning company and claim it as a tax deduction, or is that unethical/illegal?

Mark Stone , another consideration might be whether or not you're able to deduct any of your student loan interest.

Only when needing the lower rate to qualify for the loan. 4.65% is very low, consider we did investing for decades with 10% money.Homes usually are held for 7 to 10 years, so your savings on interest is limited and it's tax deductible to boot. 1-your tax rate times the interest rate is your real after tax cost.