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  2. Are Property Taxes Deductible? - AOL

    www.aol.com/finance/property-taxes-deductible...

    Property tax deductions on rental properties do not fall under the SALT cap. If you own a primary and second home, you can only deduct up to $10,000 even if you paid $6,000 in property taxes on a ...

  3. Mortgage Interest Deduction: Limits and How It Works - AOL

    www.aol.com/finance/mortgage-interest-deduction...

    For many years, PMI premiums were tax-deductible, but this deduction expired in 2021. However, you may still be able to deduct your PMI, if it applies to a rental property.

  4. Vacation home deductions - Wikipedia

    en.wikipedia.org/wiki/Vacation_home_deductions

    However, a taxpayer may claim limited deductions on a vacation home if the taxpayer uses the property as both a vacation home and rental property. [2] If the taxpayer uses the property for greater than 14 days or 10% of the number of days the property is rented, the taxpayer may deduct some of the property-related expenses. [3]

  5. Adjusted gross income - Wikipedia

    en.wikipedia.org/wiki/Adjusted_gross_income

    Adjusted gross income is gross income less deductions from a business or rental activity and 21 other specific items. Several deductions (e.g. medical expenses and miscellaneous itemized deductions) are limited based on a percentage of AGI. Certain phase outs, including those of lower tax rates and itemized deductions, are based on levels of AGI.

  6. Depreciation recapture - Wikipedia

    en.wikipedia.org/wiki/Depreciation_recapture

    Under rules contained in the current Internal Revenue Code, real property is not subject to depreciation recapture. However, under IRC § 1(h)(1)(D), real property that has experienced a gain after providing a taxpayer with a depreciation deduction is subject to a 25% tax rate—10% higher than the usual rate for a capital gain.

  7. The Best Tax Deductions and Tax Breaks for 2024-2025 - AOL

    www.aol.com/most-americans-think-taking-entitled...

    The maximum deduction is the lesser of either the adjusted basis of your property, or the decrease in fair market value of your property as a result of the casualty. 14. Military Reservist Travel ...

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