High earner looking to off set tax bill with real estate
Hi! My husband and I are high earners from our day jobs this year and will have a very high tax bill. I am wondering if buying a property and renting it will help to offset or federal income tax that we will owe at the end of the year ($50,000 or 33 % according to the 2016 brackets). I am not looking to have positive cash flow (as to add to my tax burden), but just an investment and something where I could write off expenses. Is anyone here in this type off situation? Not looking to make $ but just have an investment tax shelter?
Can you deduct your mortgage interest even if it's not your primary residence?
Can you deduct insurance as a business expense?
Has anyone been successful deducting maintenance costs?
Can I deduct a property managers fee if I choose to use one?
Thank you in advance for your help!!
Erica