Tax Write Off for Landlords - what % comes back to me

[Kristen Dolotina]

Good morning!

I am a new landlord of a condo and am curious about my tax write off's.  I'm clear what it is I can write off, what I'm not clear about is how much (or what %) of each category will come back to me.  

Here are some of the categories that I know of.  If I've missed anything, please let me know.  Also, if there are any good reads out there, I would love to know that too.

Interest - HOA - Appraisal - Repairs and Maintenance - Home Inspection - Devices - Travel related - Insurance

Thank you, Bigger Pocket Family!

Kris

[Kevin Sobilo]

@Kristen Dolotina, the % is dependent on your tax bracket. You may get NOTHING back if you didn't already pay taxes to be refunded.

I would not think of it as "getting money back". You are reducing the amount upon which you are required to pay taxes. Most times its for a hard expense like insurance or mortgage interest but sometimes its for something like depreciation.

Just like any business you might bring in $100k but have $50k in expenses. You only expect to pay tax on the profit of $50k. The same is true here. You have rent coming in and expenses going out and only pay tax on the net profit.