Rental Properties

This is a list of some possible deductions for those that rent out property. I do not take credit for this list as I found it on the internet. The reason that I am posting it is because I receive questions about deductions and I do not always know the answer.

1.     Management fees (e.g. property management)

2.     Homeowner’s association (HOA) or condo fees

3.     Utilities - Insurance

4.     Property taxes

5.     Pest control - Landscaping

6.     Mortgage interest - Other interest - Bank fees

7.     Supplies

8.     Education/professional development

9.     Licenses/permits - Leasing fees

10.   Legal & professional fees

11.   Office/telephone - Postage/shipping

12.   Travel - Meals & entertainment

13.   Automobile/car expenses

14.   Repairs* - Appliances/fixtures/equipment*

15.   Minor improvements* - Major improvements/new assets*

16.   Depreciation

*There are strict requirements regarding the definition of each of these. Things in these categories are grouped based on how much they cost and other requirements that make them fit into one category or the other, and each is treated differently in terms of writing them off. A licensed tax expert needs to guide you on how to file each of these appropriately.