What are the tax deductions available for real estate investments?
An example of an AI chatbot conversation about tax deductions for real estate investments.
What are the tax deductions available for real estate investments?
There are several tax deductions you can take advantage of, including mortgage interest, property tax, and depreciation.
Can you explain how depreciation works for real estate?
Depreciation allows you to deduct the cost of the property over its useful life, typically 27.5 years for residential properties.
Are there any deductions for repairs and maintenance?
Yes, expenses for repairs and maintenance can be deducted in the year they are incurred, which can help reduce your taxable income.
What about travel expenses related to managing my properties?
Travel expenses for managing your properties can also be deductible, including mileage and lodging if you travel for property management.
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