Updated about 5 years ago on . Most recent reply
Rental Property Tax Deductions
Just bought my first property. It is needing a few things such as new dishwasher, minor roof repair, minor electrical work, and new toilets. I read that I can write off up to 5k in startup costs, but have also read that this deduction is only relevant for active real estate professionals with active income (not passive). If I do have the 5k window I would like to install new windows too. If I can't use the writeoff I will put off as much as I can.
I am confused and need clarification on what is right.