Landlord tax write offs...

6 Replies

This is my first full year of operating my units.

I recently looked at another property to buy and surprisingly to me my agent and loan guy told me not to write off everything I can with my current properties. My agent told me not to write off mileage (since she doesn't) and the loan guy told me not to write off "everything". Whatever that means.

Do you investors write off everything possible?
I would think you would want to.

Here are a few things I am trying to decide if I should write off or not since they were not 100% needed.

-Software classes for organized book keeping
-A few dress shirts for showings
-Storage for supplies

Do you guys go as far off to write off things as haircuts?
I know my old landlord did lol.

Well I throw in as much as I can and depend upon my accountant to flag the more 'aggressive' deductions.

I'm pretty sure dress shirts won't work. Storage should work. And as far as 'hair cuts'... HA HA HA HA good luck with that if you get caught!

Here is another one for ya.

Do I depreciate the following since they are NEW replacements?

2 New light fixtures $30
Screens for windows $50
2 New screen doors $90
Door lock $30
window Blinds $50

None of those items are depreciated. They're repairs and they're expenses in the current year.

That said, this isn't a DIY topic. Find a good real estate aware CPA and work with them to minimize your deductions. A good CPA will safe you more than his or her fee, and will give you confidence about what deductions you're taking.

No kidding. Get another CPA. Mine makes me fill out a questionaire, about three pages, and send in all my w2s, recepits, HUD-1s, lists of rents, mileage, etc, and he figures it all out.

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