When you acquire a rental property, the IRS permits you to allocate the property's cost over its useful life, enabling a reduction in your taxable income—a benefit commonly known as the depreciation deduction.
Tax-Saving Benefits of Hiring Your Child
If you own a business, hiring your child or grandchild could be a great way to teach them valuable work skills and save thousands on taxes.
Let me tell you why
If you are a rental house owner, you may be able to deduct up to $25,000 of losses from your rental real estate activity from your nonpassive income.