first time house rental, what/how do I maximize deductions

[Tonkasuh]

hi, I'm a first time landlord in 2024, what can I deduct against the rent income that I made for the year?  any how to guides would be appreciated.

[MinhT1]

I strongly recommend that you read this TurboTax article on Rental Property Deductions You Can Take at Tax Time.

[Tonkasuh]

thank you, I have further questions about depreciation, I've heard this concept many times before but I'm confused on how to actually make the claim.. do I need to have someone reappraise my property? it's been a rental since April 2024, and it was our primary residence before that.  I did make a number of small renovations right prior to renting it out.  I didn't keep 100 percent of my receipts paid for renovations or have exact costs.. I could only estimate those costs.

[RobertB4444]

Depreciation just means 'a decrease in value due to using the thing'.  You're using the house so the house is decreasing in value as you use it.  You get credit for that.

You're going to depreciate YOUR value in the house.  That may have no bearing on what the house is worth.  It is usually just what you paid for the house.  In your case you would add to that what you paid for the renovations.  But only what you can find receipts for.  Estimated costs aren't counted unfortunately.

Once you have that total you'll enter it into TurboTax.  That is referred to as your 'basis' in the property.  If you were to do renovations like add a new porch or roof then that would also add to your basis.  

TurboTax will handle the depreciation for you.  Just go ahead and type in the information about your rent house.

@Tonkasuh