user6271
Returning Member

Property expense tax deduction

Hello.

 

I'm planning to buy a house later this year and rent out the apartment I'm currently residing in.

 

Questions:

1. What expenses can be claimed as tax deductions on my tax return?

2. Does that mean I have to choose itemized deduction instead of standard deduction?

3. Any advice can you give me in the process of purchasing and renting to reduce tax?

 

Thank you.