What rental REI expenses can I deduct while still a W2 employee?
I am currently still a W2 employee while building my real estate business out of
My question is this, what can I write off on my taxes while I am still a W2 employee and not considered a "Real Estate Profressional"? I currently have one new construction SFR and I am currently building two more.
How does this play into my standard deduction on 24k annually on my personal return? If my expenses don't exceed that amount, do I not get any deductions? Can I write off my mileage, cell phone bill, travel expenses, etc.
A few insight facts:
1. I have an LLC
2. I frequently travel to my properties
3. I am a full time W2 employee but work only part time on my rental business - I am still fairly new.
Thanks everyone!