i can figure out taking rental expenses and interest deduction on my tax return. can i also take tax depreciation as a deduction? where do i do it? experts pls help.
also, what are all the tax deductions i can take for a rental property. sorry am a newbie :)
appreciate the reply.
I would suggest getting a good accountant if you don't have one already. When you get into itemizing deductions, it's not quite cut and dry like a 1040 short form.
That said, yes depreciation is a deduction but only on the building not on the value of the land, this you can find out from the county tax assessor.
Hope this helps.
You can pull up IRS Schedule E and see the various categories of deductions you can take.