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Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.
You can write off any expense that you incur in order to generate income from these properties
You can write off repairs, maintenance, cleaning, advertisement - anything
The big writeoff will be depreciation.
I see you rated our service as poor - I was not done calculating your response, because I was waiting for input from you
i will change it, the screen would not let me advance without rating.
Okay, thanks for letting me know about the error.
what standard deduction should i be expecting with all the changes to the first time home buyer credit?
The first time homebuyer tax credit is no longer offered
and it was only for primary residences, not for investment properties
thats what i thought.
There are no tax credits for investment properties, only deductions to generate income
do you know of any websites that have good templates for tracking expense in the form that the IRS would like to see if i ever get audited?
also, how long would i typically need to wait before i can pass the Properties into an LLC?