What are my tax obligations as a landlord?
An example of an AI chatbot conversation about landlord tax obligations.
What are my tax obligations as a landlord?
As a landlord, you must report rental income on your tax return and may deduct certain expenses. Would you like to know more about specific deductions?
Yes, what expenses can I deduct?
You can deduct expenses like mortgage interest, property tax, repairs, and management fees. Do you need details on any specific expense?
What about depreciation? How does that work?
Depreciation allows you to deduct the cost of your property over time. It's typically spread over 27.5 years for residential properties. Would you like to know how to calculate it?
Yes, please explain how to calculate depreciation.
To calculate depreciation, divide the property's cost basis (purchase price plus improvements) by 27.5. This gives you the annual deduction amount.
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