(there are other conditions as well, you must actively participate, be at least a 10% owner, etc) If your deduction is not allowed, all is not lost.

My understanding is that since late fees cannot be assessed until rent is 30 days past due, the state views discounts to pay by some certain date as a late fee in disguise.Regarding the lease options or lease purchases, I am not sure how they're structured here as I have not been involved in any.

Thank you, @Saberian YoungerSounds like good advice for someone starting out.I guess I'm specifically curious about how my wife and I together would file if we are both active in the business.

My CPA has instructed me that the auto expenses (at least the proportion used for rental activities), overhead such as office supplies, software, tax preparation, and other items which occur to operate the rental properties (AS A WHOLE) are expensable on Schedule E relative to the activity (e.g. based on number of units per property) by "cost accounting or cost allocation".

Most people suggest you take matters into your own hands and file a protest online to get your home's tax assessed value lowered. 

@Spencer StevensTravel expenses for rental properties are deductible, but there are caveats.Save all of your receipts and keep a log of the business activity that was done during the travel. 

@Michele G.While I recommend NKY properties to my clients there is a lot of activity there and deals are harder to come by due to the smaller footprint compared to just north of the border in Cincinnati.  

My question is this:What year assessment should I be using for the basis for depreciation? 

There are many promoters of TK properties (many of them active on BP) who do not live and work in those areas. 

Looking forward to becoming an active member on this site!