The statement will contain an itemized list of deductions, with either a refund or a bill.

I love the slim margin deals since you can keep more of the money come tax time if you keep track of deductions.

Multiply that times four and a holdover tenant will be charged $133.32 per day which can be deducted from their deposit after they vacate.As for the damages, you could withhold for that but you need to defend your position it ends up in court.

From there it would be about optional coverages, and deductibles in my opinion. 

If you are already traveling to Tampa a few times per year and you plan to continue doing so - you may be able to turn those trips into business trips which would allow you to deduct the travel expenses from your income.

Currently, my unit is being turned over (painted, repaired) from tenants who lived there for 5 years.I will be having my contractor itemize the following costs for repairs to deduct from their security deposit of $2200.Are these fair and reasonable deductions that go beyond reasonable wear and tear?

Equity growth through principal pay down and appreciation, tax benefits such as interest deduction and depreciation.2.

Rental properties can't claim those deductions so the total tax owed will be more.

I've read that your primary home's property taxes are deductible.

Carla, most closing costs add to the Basis of the property, so over time it is depreciated out, and some you can deduct, so do not let that be a factor. whether its a multi family building or 1-3 family home, if you can purchase the property at a great price, it cash flows and is in an area that may Appreciate in value, who cares what size place it is.