What are the benefits of Incorporating your landlord business??

Question

I think I know that personal liability is one reason.

Are there tax benefits as well? Like, can you deduct the entire mortgage payment?

Can you deduct things like a furnace replacement?

Answer 1

.  You don't get any extra tax benefits.  It is solely to stop someone from going after your house and bank account.   Every landlord can deduct furnace costs.

Answer 2

You can't deduct your mortgage payment, the main reason is to protect your private assets if you are sued.   Other then having to pay quarterly there is no other bottom line differance in taxes.

I recommend you hire an accountant to handle the taxes, I am very grateful for mine.