I know I can claim the 2011 deductions because I have rental income to offset them.

Other tax reduction areas exist in buying medical and using it as a deduction but normal business expenses like office and vehicle and tools of the trade like internet and phone services used as well as utilities in your office are all deductible.

The property has just now been finished so I didnt have any rental income or anything like that from it.What I am wondering is can I deduct the amount I put into the property?

I said yes to the option and the entire cost was written off.I just replaced another water heater in another property and was wondering if I will have that option again or mainly I want to know whty I Was given the option to deduct this fully in the given tax year as opposed to it being a capitalized expense and written off over I believe 7 years is it?

If you at the same time paid 6.5k in interest you will deduct that expense on Form 4952 which will flow through to your Schedule A to be deducted.

I'm only allowed the 25k deduction.

If not, then you will have a loss which will not be deductible.

If you replaced just the cover, you can deduct that repair cost.3. 27.5 years.7.

That interest you pay your own 4101k is tax deductible (at least right now so long as the government does not remove the mortgage interest deduction).So you get funds from the retirement account that earn a set interest rate, you pay that interest and get a tax deduction for it, and you invested that money into some vehicle in RE that delivers another return!

Can you tell me how can landlords deduct 100% of rental property losses every year?