Major issues like foundation work, bathroom renovations, and deck repairs are considered capital improvements, which can be depreciated over time, allowing you to offset a significant portion of your rental income with those deductions.

Keep Consistent and Organized RecordsOrganized records make it easier to spot issues early and take advantage of tax deductions.

Hold the bill until they terminate and vacate, then deduct the cost from their deposit.

Basically only NE Jackson has owner occ activity Sojac very little to none anymore all investors who are only going to pay for what ever the cash flow is and deduct for risk.

@Jamie Dupont From a tax perspective, you can deduct repair expenses related to the damages caused by the tenant as long as they’re for restoring the property (e.g., fixing holes, broken fixtures).

What is great about an HSA is that you get tax-deductions for contributions.

Hold the bill until they move out, then deduct the cost from their deposit; or2.

There is a unique tax deduction in the US called a “conservation easement.”It was designed by the IRS to encourage real estate owners to make pristine land, that could be enjoyed by the public, a conservation ground, and thus un-developable.In return, the landowner could treat the act of granting a “conservation easement” as tax-deductible.

I think working with an insurance broker is a great way to go to derive the most competitive quote at no cost to you.I also think that you can increase your deductible up to say 5k as well as request your tenants carry renters insurance.

Net income would be the Host Payout of $541.26.But your true net is what's left over after deducting all expenses not accounted for in this calculation, such as utilities, internet, consumables, etc.