tax exemptions

as a fair new newbie, I was wondering if any of you (especially CPAs) could tell me about a few tax exemptions you get went you have rental properties.

I know it depends on tax brackets and so forth…but in general…just so i get the feel of it. Like if I itemize when I file, can I take X amount of exemptions…and what reciepts do I have to keep. And/or do I take a % of my mortgage and my insurance and write that off. Any kind of info would be really helpful. Thanks

can no one help me? I even searched this whole forum and there really isn’t any info on tax exemptions. There’s gotta be a person out there that knows about them.

i’m not a cpa but i do own rental real estate. you don’t get exemptions for owning real estate you get tax deduction opportunities. check out schedule E of the US tax forms and it pretty well describes what is deductible. others will certainly chime in with more details.

thanks I appreciate your response

Start with publication 529 at IRS.gov. Another good book is Al Aeilo’s tax strategies. You will be very disappointed if you expect instant response. Most sites only get a handful of traffic each day.