Are mortgage points paid on a rental property deductible the year the property was purchased, or do they have to be depreciated over the life of the loan?

Tom's philosophy in general is to figure out how to deduct EVERYTHING.

Can I deduct the closing cost in my rental property taxes for 2023.

That's long term renting 101 to me.Also, the "tax benefits" of RE is just to let you deduct your expenses. 

Then decide on what coverage you want and at what limits/deductible. 

(BTW, I have excellent creditworthiness). 2) Tax confusion: The interest expense might be tax deductible.

The IRS wants to know about any money coming in, but he can also deduct some costs of renting it out.If the time comes to sell the house, whether or not he has to pay capital gains tax depends on how long he ends up living there when he's back.

If they are treating the rental income as a qualified trade or business for purposes of the qualified business income deduction (QBID) on your federal return then it definitely IS subject to the KC income tax."

If, in principle, I can make it so that I have extra income left over after deducting all expenses, I have a positive cash flow.

get an umbrella policy to protect yourself, see if you need a rental license in your municipality. an LLC is only for insulating you for liability and anonymity, it will not save you on taxes and you really dont need to worry about it with one property imo . you cant protect a single property from lawsuit, insurance is what covers you just make sure you’re up to code. insurance will always look for a way to get out of covering an incident.if you register, you’ll want to report the income. if you make less than expected after deducting costs, then it’s time to raise rent. you wont be able to reduce more to reduce other income streams since you're not a full time real estate investorin the future if you ever sell, because it’s a rental now you will owe capital gains on the property. philly is probably like ohio and not california with it’s YoY growth being tied to inflation. with that said your profit is mainly going to be the equity you build from your tenant paying your mortgage. the money earned monthly should be saved as youre doing in case you have a capex repair/replacement come in like HVAC, roofing, etci advise you pay for an hour to speak to a CPA to better your options.good luck