For instance if you make more than 110,000 AGI or adjusted gross income you can no longer write off your mortgage insurance as a deduction based on current IRS guidelines.

I have done exactly that in the past year.The IRS is specific in terms of business deductions: you have to show that you are in business to make money - so that the IRS can tax you on the profits.

Also, important to know the implications of what and when interest can be deducted.

Every Landlords Tax Deduction Guide.

I plan to qualify as a business and meet the criteria for the home office deduction.

Don't rationalize any numbers, or use anything other than cash (i.e. equity, appreciated gain, tax deductions, ...) since those other items are NOT CASH.3 - If you have a negative number, that means you get more cash back in your deal, within the first year, than you spent (so in this case...used)...and you have a winner.4 - If you have a positive number, that means you have spent money to buy this property...your money.5 - If you fall into the #3 category, you have recovered all your initial cash (seed money).  

Deferring your business debt works because it allows another party to pay the debt (your renter), you keep the tax deduction (the interest that is paid), and you gain more cash flow.  

Are foreign taxes deductible?

She text me the other day and I quote, " Hi, I know that when I moved in I agreed to pay 1600 because that's what you listed your apartment as but I was wondering if you would be willing to discuss a possible deduction.

Any deductions for other repairs, list them along with the check.