inspiring interviews with today's top landlords this is the rental income podcast and now

dan lay joining me on the podcast today is sean macdemaara sean is a rental property owner

and he is also a CPA sean welcome to the show oh well thanks for having now. What I'd like to do today is kind of talk about some tax

topics that rental property owners should be aware of, but I'd like to kind of keep it at a high

level. I don't want to get down in the weeds and get too specific with this stuff because

honestly, taxes aren't the most exciting topic and I'll probably

fall asleep if we get too specific. So I just want to keep this kind of on a high level and

make sure that people can maybe have a background so that when they talk to their CPA,

they can have more of an intelligent conversation.

Before we get into the show, I feel like we should just give a quick disclaimer and just let

everyone know. If you hear something on this show today, don't just take action on it.

Make sure that you talk to your tax person, because Sean, correct me if I'm wrong,

but the tax code is very complex and what might apply

in general or in the situation we're talking about might not apply to someone else. Is that right?

Definitely. You know, it's the internal revenue code is very nuanced. There's there's always the

general rule and then there's exceptions to the general rule.

Okay. And, you know, when you're dealing with rental income, I mean, that's really one facet of your entire tax return.

And so you really have to have the whole picture to make a definitive answer.

So we're just going to talk in generalities today, but hopefully this will be a good

starting point when you talk to your tax person.

So let's talk about the actual deductions that a rental property owner should take.

So some of the ones that seem obvious to me are your mortgage interest.

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