Did you deduct capitol gains tax from this 'profit'. 

The landlord wrote into the lease that we are responsible for the deductible/service fee ($60 per) for calling the home warranty. 

AND -- before anyone mentions depreciation deductions -- remember, there is no such thing as a non-cash deduction (non-cash credits, sure, but no non-cash deductions) on your income taxes.

If I wait to do repairs until after July 1, can I deduct them?

Would forming an LLC allow us to deduct expenses with the rental?

In either of these scenarios, is the cost of the mortgage principal payments deductible?

You should have enough reserves to cover at least one month of vacancyThe first one is easy, the third one is accumulated over many years, and the second one is learned by watching your expenses over a few years.For books:- on property management, get Managing Rental Properties and Landlording on AutoPilot- for taxes, Nolo's Every-Landlords-Tax-Deduction-Guide (get the latest edition every year) (and any other book for landlords from Nolo collection, they are all good).- for risk management,  Every-Landlords-Property-Protection-GuidePM me if you have questions or need more assistance.

Prior to attempting to garnish wages, I was successful at levying her bank account.

We would like to conserve the lines for future rental purchases but do not wish to pay PMI if possible-also heard that the interest on the line on our house would no longer be tax deductible where the interest on the refinanced rental equity would?

I have not received a certified letter or any notice of deductions or issues other than one text a day after I moved out about a couple of minor things which I was ok with actually but still I haven't heard anything since then.