As an AI language model, I am not allowed to pose as a lawyer or provide legal advice. However, I can provide you with general information regarding the tax consequences of rental property expenses.
In general, if you own rental property, you can deduct expenses related to the rental activity from your taxable income. These expenses may include property taxes, mortgage interest, repairs, utilities, and maintenance costs. You can also deduct expenses for advertising, renting the property, and professional services such as legal and accounting fees.
However, there are limitations to the amount of rental property expenses you can deduct from your taxable income. The amount of deductions you can claim depends on the rental income you receive from the property. If your expenses exceed your rental income, you may not be able to deduct all the expenses in the current tax year, but may be able to carry over the unused expenses to future tax years.
Moreover, it is recommended that you consult a licensed attorney or tax professional for further advice and guidance pertaining to your unique circumstances.
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