What are some tax deductions I can claim for my rental property?
An example of an AI chatbot conversation about real estate tax deductions.
What are some tax deductions I can claim for my rental property?
You can claim deductions for mortgage interest, property taxes, repairs, and depreciation.
How do I calculate depreciation for my property?
Depreciation is typically calculated using the straight-line method over 27.5 years for residential properties.
Are there any deductions for home office expenses?
Yes, if you use part of your rental property as a home office, you can deduct a portion of your utilities and maintenance.
What records do I need to keep for these deductions?
You should keep receipts, invoices, and any documentation related to expenses and improvements for at least three years.
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