What deductions can I claim for my rental property?
An example of an AI chatbot conversation about deductions for rental properties.
What deductions can I claim for my rental property?
You can claim various deductions such as mortgage interest, property taxes, repairs, and depreciation.
Can I deduct the cost of repairs I made last year?
Yes, you can deduct the cost of repairs as long as they are necessary for maintaining the property.
What about utilities? Are they deductible?
Yes, if you pay for utilities like water, gas, or electricity for your rental property, those costs are deductible.
How do I calculate depreciation for my rental property?
Depreciation is typically calculated using the straight-line method over 27.5 years for residential properties.
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