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

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