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Tax Deductions for Rental Property Owners

Category: Tax Preparation
Author: janet
This check list is in the following categories:
Use this checklist if you have rental property. These are rental expenses needed for tax preparation.
As a landlord, you can reduce your taxable rental income by the following expenses if the rental is not your primary residence for more than 2 weeks of the year.
  • Utilities paid by you, the owner
  • Commission paid to a management company
  • Mortgage interest
    The amount you pay in principle each year cannot be deducted from your income when figuring your tax liability.
  • Real estate tax
  • Cost of repairs (for supplies and labor)
  • Cost of improvements to the rental property
  • Legal expenses
  • Cost for tax preparation of the rental return (Schedule E) and Depreciation Form
  • Payments for home security, cleaning service, and yard maintenance.
  • Supplies (such as rental contracts and receipts)
  • Amount paid for rental furniture or appliances
    This expense can usually be depreciated over 5 years.
  • Advertising
  • HOA (home owner's association) dues
  • Bank Fees
  • Mileage (roundtrip -- home to rental property, bank, errands, etc.)
  • Rental loss carryover from previous year
The amount of rental loss you are able to claim is limited (based on your Adjusted Gross Income.) Any loss not claimed in the current year can be carried forward to the next tax year.

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