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Tax Deductions on Rental Rehabs
Hey guys,
Just a little about my current situation. I recently acquired a fixer-upper for 25k and am planning to out at least 10k into it and then rent it out. This is my first real estate investment. I have been trying to read about how landlords can get tax deductions up the wazooo but am not sure what the main ones are. Some questions: Can I get a deduction on the materials I buy to fix it up? Tools I buy or rent? Plummer bills? What are the important things to keep for tax season?
Thanks guys,
John Tiernan