What the heck can you write off as a RE professional

Tax Strategies
1

Hello Mark and Matt.

I listen daily and have a question that I haven’t seen a clear answer to.

I teach tennis, my wife is a RE professional. She manages our properties.

We want to write off all the dinero we put into the rental properties from 2022 and the build we are doing soon.

QUESTIONS:

  1. Can we write off maintenance/capital projects as a whole in 2022 with a cost seg study? Ex kitchen remodel, windows, floors, painting the house.

  2. We are also building a house on our land. Can we write off all the soft costs to getting permitting?

  3. We also have a hard money loan on the build, can we write off the interest from the hard money loan?

  4. If these add up to more than the rental income, will the extra money come straight out of my W-2 income?

Thanks in advance