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Yes, IRS 1040 - Schedule E can reduce your taxable income by allowing you to deduct certain expenses related to your rental properties. Deductions can include mortgage interest, property taxes, and repairs, which, when subtracted from your rental income, can lead to a lower taxable amount. Understanding how to properly utilize Schedule E will help you maximize these benefits. For more assistance, consider using tools that can clarify these deductions as you file.
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