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Tax Benefits of being the landlord

I am choosing to rent my home due to new work arrangements.  I was curious about any tax issues or benefits of being a landlord.

You can deduct mortgage interest and real estate taxes on rental properties. If you pay mortgage points, you must amortize them over the term of the loan (unlike points on a mortgage to purchase a principal residence, which can be deducted immediately).You can also write off all other operating expenses — like utilities, insurance, homeowner association fees, repairs and maintenance, yard care and so forth.  But the real kicker is that you can depreciate the cost of residential buildings over 27.5 years, even while they are (you hope) increasing in value. Check with your accountant always but these are some basic guidelines.
I am starting to look into renting out my home as well, we moved into a new one and haven't sold the other.  When you say you can "deduct" interest and taxes etc is that a dollar for dollar reduction off of your inclome from rent recieved so I'd be only taxed on the difference?
Taxes and interest are deducted the same as you would for any property. Any expenses such as repairs would reduce the rental amount coming in.
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