Do you own Rental Property? Advice needed please

[kc10family]

Ok, how many of you own rental property? And what do you keep for taxes? How much and what can I write off? I know I can write off some things, but I want every penny the govt will give back to me. We are upside down as of now and I know that will change by next year, but What is the truth about it all?

 

[Caradana]

Give an accountant a call on this one. Complicated question, and worth the investment to get a professional sorting it out.

 

[mick67]

I used an accountant several times, and TurboTax and TaxCut do just as good a job for a lot less money. It's not just the taxes that count. The tax software calculates depreciation as well, because a percentage of that is deductable.

 

[zippeedee]

My Mom has a two family house. Her accountant has her keep all receipts for insurance, water and sewer, any and all maintenance, repairs and improvements and property taxes. I could do her taxes if it weren't for the rental income, then it gets too complicated for me.

 

[DVC Sadie]

We have rental properties but have a CPA who takes care of all of the taxes.

 

[bicker]

Depreciation got so complicated that we just trusted whatever TurboTax told us we had to enter. It was all greek to us.

 

[canwegosoon]

Ok, how many of you own rental property? And what do you keep for taxes? How much and what can I write off? I know I can write off some things, but I want every penny the govt will give back to me. We are upside down as of now and I know that will change by next year, but What is the truth about it all?

I write off
Utilities(eletric,gas,water,cable,phone)
Purchases(supplies or furnishings that are used with in the year)
Rental Commissions and Upkeep(we have an agent and a lawn guy, and garbage pick up)
Dep Expenses(large ticket items like a stove, or new fence all have different rates which they are written off at)
Intrest on mortage
Taxes
Travel to property (milage plus tolls)
I keep detailed records-and reciepts for everything-I do not fudge numbers-because I want to sleep at night...my tax return this year was almost 11K
***Note we can not use our property for more than 2 weeks a year****

If you only want to rent your property out for 2 weeks...(And use it youself the rest of the time)
You do not have to report the income
and you can deduct Intrest and taxes for a second home.