I have added up all my expenses for a rental ncome property.
Mortgage interest 10k
Depreciation over 27.5 years - 8k
repairs - 5000
Lawn and pool mait. 2500
property Taxes 4000
Insurance 3000
travel expenses 2000
But I made 18k in RENTAL CHECKS
Is everything I mentioned deductible. All the repairs are working repairs and not renovations or upgrades.
Will I deduct the total of these COSTS on my FEDERAL only?
DO I get back any money I paid in social ecuiry or medicare or STATE or CITY taxes?
I paid 7500 in state and 3200 in LOCAL
I made 96k of taxable income at my job
I am single no dependents what should I expect
Just want to know Approx how much I could get back this year I claim 0 Will the state be giving me any money back etc
Read more: Rental property and tax returns?
