I do deduct for things that are on the move in checklist. 

The income from the property pays off the debt, while you get the tax deductions, equity build up and appreciation.As to why people pay cash, many don't know, like or understand other alternative investments. 

We had already been planning to do some maintenance and repairs (repave driveway, re-insulate attic, replace two broken faucets, other minor items), but were wondering if, for tax reasons, we are better off waiting until we close on the new home and this is no longer our primary.Can this work count toward tax deductions as preparatory work on rental property, even if it's currently our primary?

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

Insurance would cover it, I would pay the deductible, and no assets would be lost.If you are in an area like San Diego where people are more likely to sue, a judge is more likely to find you guilty, and the payout is expected to be higher, you may consider an umbrella insurance policy.

What Property limits and deductibles?  

The biggest thing you will miss out on is leverage/diversifacation plus mortgage interest deduction but as far as actual benefits outside of the above 1st time home buyer down payment assistance (many of the programs have fine print that often makes less of a good deal than just free money) no not really. 

There are some key limitations that are important:Passive losses can only offset passive income.Up to $25,000 in passive rental losses may be deducted against non-passive income if the investor actively participates and their modified adjusted gross income is below $100,000.Unused passive losses are carried forward to future tax years.Here’s an IRS article that further discusses the rules: https://www.irs.gov/publications/p9251031 ExchangesThis strategy allows investors to defer capital gains tax when they sell a property if they invest the sale proceeds into a “like-kind” property.

@Alagi Faye Your STR property in West Africa can qualify for U.S. tax benefits, including depreciation (over 40 years- but not bonus depreciation that comes with cost seg) and expense deductions.

You could deduct advertising fees.