Take advantage of these money-saving tax breaksReviewed by Lea D. UraduFact checked by Vikki VelasquezIf you own rental property, you can save money by deducting mortgage interest, depreciation, ...

This may not always be the case if you’re running a professional rental business, in which factors like tax deductions and depreciation are always maximized in a way to pay the least taxes possible.

The cost of owning a second home can be reduced through tax deductions on mortgage interest, property taxes, and rental expenses, among others.

However, expenses related to the rental property, such as maintenance, repairs, property taxes, and mortgage interest, can be deducted from the rental income, which can lower your tax liability.

The main tax benefit of owning a house is that the imputed rental income homeowners receive is not taxed. Although that income is not taxed, homeowners still may deduct mortgage interest and property ...

Your guide: How to pay no taxes on rental income? Owning rental properties can be a good way to make money as an investor, but the tax consequences often stop people from doing it. However, if you ...

In addition to normal mileage rates and tolls, you can deduct expenses related to your business. If you rent a car for business purposes, you can only deduct the portion of the cost that is related to ...