Hi, always been told real estates are great way to reduce your taxable income; Would love to see what everyone is writing off other than the basic depreciation. thanks in advance!
@Xi Guo that is the big one, the rest are just the expenses to run the property such as repairs, maintenance, management, and interest on the loans used to purchase the property.
Its going to depend on your investment type. For the typical buy and hold held in your personal name, check out Schedule E for a list of common expenses. Typically, depreciation will be the most impactful.
Are you a buy and hold investor?
Typical buy and hold investors write off depreciation, repairs, mortgage interest, travel, insurance, etc.
You should have a small chat with your accountant to familiarize yourself with all the deductions you are entitled to. Taking a quick look at schedule E will give you a good start.