Smart planning now can significantly reduce your tax burden — and even open up opportunities to give back to your tenants or community in meaningful, deductible ways.Common Tax Deductions for LandlordsThe IRS allows landlords to deduct most ordinary and necessary expenses related to managing and maintaining rental properties.

You’ll file one joint return, but S-corp expenses don’t get “added” on Schedule A, they must be deducted inside the S-corp and flow through on the K-1. 

Also I didn't realize you could deduct inspection fee for investment properties.

Quote from @Santos Lopez: I heard that there's a way to deduct short term rental losses against earned income (e.g.

Ever ask yourself why investors wait 27.5 years to get all their tax deductions — when they could claim most of them now? 

Your income affects the deductibility of the loss.

For example, something like a home office deduction might impact your depreciation schedule or your qualified business income deduction.

@Michael OverallQBI number is not some "loss" that you can benefit from.It's simply an FYI number that prevents you from taking a QBI deduction in the future because you had multiple years of prior losses.Short story: you're not missing on anything.

What are the key things we need to be aware of as far as choosing the deductable?

The short-life stuff gets depreciated faster, so you front-load deductions.