I purchased my first duplex, out of state, over the summer and am now preparing to do my rental property taxes for the first time and have a few questions on deductions.Is the home inspection deductible?

I would also make sure to mention that since the tenant is choosing to not operate the hvac system they will be responsible for any damages that occur as a result.Bear the storm until move out but be prepared for any petting work requests that result. 

Looking for Tax Adviser / Tax Preparer Referrals preferably from other Real estate investors, who are already in the business. 

Hello everyone,I know this is probably a dumb question (sorry in advance), but how does it work if I used a RE/MAX real estate agent to find a tenant/prepare the original lease, and now the tenant wants to extend the current lease?

Also, if you pay a CPA to prepare returns, figure an extra cost each year for another state return too.If you were to create an LLC, even if formed in the other state, you likely would be liable for the $800 minimum tax to California since you are managing the LLC from California and therefore "doing business" in California. 

To do this you will need four things: 1) a strong test ad in due diligence to prove that the demand is there 2) a dealer's license and an agreement to participate in the 21st Morgage's CASH program 3) the capital to make the necessary renovations to sell the home and 4) the knowledge and the ability to advertise, show and sell homes.There's no reason to fear the occasional loss of existing residents as long as you are prepared to replace them.

Treat people firmly but with empathy because they are ill-prepared and fearful.

If you want a more accurate answer I’d ask your cpa or tax preparer. 

I advise you that now you have learned from this lesson,  now you will know on how to prepare yourself for the next property.

Every year I discuss our return with our tax preparer on maximizing our return.