Tax Deductions vs. DIY Property Management and Fixes
I'm a new landlord since April, and I've heard and lightly researched all the tax deductions you can have on your rental property, and it all sounds really good... but I feel like I'm missing something.
They say you can deduct all maintenance, repairs, utilities, HOA, property management fees, mileage, home office, etc. If you can deduct all of those things and get that money back in taxes, why choose to do it yourself or go cheap on the fixes?
I've heard people talk about the water expenses that the tenant uses up, swapping out the broken refrigerator for a used one instead of new, etc... but won't you get that all back in taxes? I wouldn't mind spending a lot on the repair if I knew I was going to get it back at tax time.
Also, I'm looking to replace my windows and cast iron plumbing piping in the next 5 years or so. Can that be deducted or is that considered a renovation rather than a "repair"? This is for my rental in Sacramento, CA.
Thanks in advance!