You can also deduct PM fees, repairs and mortgage interest.

You can achieve the same deductions with bonus depreciation.Yes for trucks if they are full-length bed trucks, otherwise there might be some limitations based on the weight.  

Purpose of MAO is to estimate the After Repair Value (ARV), deduct the closing, holding, and rehab costs.Then deduct the profit you want to make. 

I’m expecting the first deal to cash flow around 500 per month after deducting management fees & some money set aside monthly for cap X Regina is a great rental market, especially when you look at the rent vs home price ratio compared to other major western cities like Calgary and Edmonton.

As long as the note payment are made on time, then come tax time, the amortization schedule, together with the bank statements, should suffice as proof for the tax deduction (to help calculate on the Interest Payment).

I'm getting ready to read the "Advanced" book but in the meantime, I have a few questions I'm hoping someone might be able to help with:- If I'm not holding my property title in my LLC, can I still take real estate related deductions on my taxes (mileage, education, meals, other expenses, etc.) or do I have to hold property in an LLC in order to deduct them?

A lot of people skip this but it's a huge advantage if you can work through itEvery Landlord's Tax Deduction Guide- is a really good book on taxes and setting yourself up for success as a landlord

I put a lot of money into getting it prepared including new roof and other deductible expenses.

That way the house would be in our name if she has health troubles and all the interest is paid to her not a bank but we should be able to deduct it still.

I'm thinking I should take the standard Deduction for 2020 and then pay the Full $27,000 in January 2021..