i can figure out taking rental expenses and interest deduction on my tax return. can i also take tax depreciation as a deduction? where do i do it? experts pls help.
also, what are all the tax deductions i can take for a rental property. sorry am a newbie :)
appreciate the reply.
This may be a case where it pays to hire a pro. The deductions that you miss will probably more than pay for you to hire a pro. You can deduct anything that is spent to find, own and manage an investment property including auto epenses. A depreciation deduction is one of the major advantages of owning rental property. The depreciation deduction is taken on form 4562. Many people use things like Turbo Tax to try to save a few dollars and wind up costing themselves so much in missed write-offs. A good tax pro can also be a good advisor as well, I would look for one that owns investment property themselves.