Tax Deductions for Rental Properties!

[@justagurl05]

Improvements, such as a renovation, aren’t deductions, those are added to the cost basis. Only repairs are tax deductible.

[@anothersomebody8195]

How to save money... spend money

[@kelsyec5419]

I dont think those deductions would add up to more than the standard deduction

[@davidmckeever]

The probably wouldn't for a primary residence, but given it's on an income producing property these deductions can reduce the gross income amount. 👍😃

[@kelsyec5419]

@@davidmckeeveroooooooohhhh Genius ! Just got my first rental property and freaking out over property tax and insurance

[@dmez7020]

This is for a rental not personal deductions

[@kelsyec5419]

Is there a sample tax return for someone with a w2 and investments property (standard deductions) ??

[@dmez7020]

Brokers! Barf!