Although IRS still express that homeowner can deduct mortgage interest, the itemized deductions are  capped for home ownership based on modified gross earnings.

Do you see Nike/BMW/Levi's/Apple putting up bandit signs?

@George SkidisGeorge, is it ok to set up an LLC before buying any properties, mainly to help document various business expenses which lead to acquisition of investment properties; such expenses I assume would be tax deductible.

However, once the lease has terminated, you may deduct:-Any damage to the property -Any unpaid rent and late fees(provided they are spelled out in the lease agreement)Why are you letting her get some far behind without beginning the eviction process?

This would be good from a tax point of view as we would not have depreciated their total values, we also spent some time living in each home, and, because of our income, we were unable to deduct most of the losses each year, so they rolled over.

This would be good from a tax point of view as we would not have depreciated their total values, we also spent some time living in each home, and, because of our income, we were unable to deduct most of the losses each year, so they rolled over.

I did a small calculation on a 920k property - 20% downpayment (184k)- 80% loan (3.1k) a month- monthly rent (3.5k) for 30 years at 3%- cash flow, after deducting taxes and everything, it will be -$603- hence, I will be bleeding every month.

the auditor did not ding us.one thing to keep in mind as well.. was when I bought it brand new aircraft had the section 179 deduction.. so we paid 440k for it and wrote off 90% year one. 

We have insurance and our deductible is $1k.

Divorce/ quit claim deeds, tax levy’s and just flat out abandonment.