Scenario with fake round numbers: 3 Unit building cost basis for depreciation: $300kEach unit rents for $1500 - Total $4500 a month: Annual $54000 (Let's assume that includes vacancy for simplicity's sake.)Tax deductible expenses:Depreciation : 300k / 27.5 = $10,900Mortgage Interest 4.5% on 300k balance: $13400Property Tax: $5000Insurance: $2600Maintenance:  $3600Total: $40,000 deducted from $54000 income.

When I received the EIN it said we needed to file but in the instructions it says if we had no income or deductions we didn't need to. 

Then, deduct your ACTUAL damages from the money's collected and refund the rest.

Student debt is typically low interest and tax deductible up to a limit.

If I deduct 20% builder’profit margin, would $400 a ballpark number for new construction costs？

I never take a home office deduction. 

You can't "expense" on taxes these purchases the year you buy them, they must be deducted over the amortization period.

@Levi Ballard - Wow.

We had insurance so our costs should have been limited to our deductible. 

:"The landlord must send a notice, to the place the tenant is expected to receive it, that (1) describes the property in sufficient detail for the tenant to identify it, (2) advises him that he has 10 days (15 days if the notice is mailed) to claim it, (3) appraises him of reasonable storage costs, and (4) tells him where to claim the property.The notice must also inform him that unclaimed property of value will be sold at a public sale and property believed to be worth less than $500 will be kept, sold, or destroyed.After deductions for storage, advertising, and the sale, landlords must turn over to the county any residual proceeds."