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Interactive Checklists

Tax Deductions for Rental Property Owners

Category: Tax Preparation
This check list is in the following categories:
Use this tax preparation checklist if you have rental property. 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

    Major improvements that change the structure of the home are not included as rental expenses., but need to be added to the basis of the home. These expenses will reduces the gain calculated when the property is sold.

    See How to Calculate Gain on Sale of a Home.

  • Legal expenses
  • Cost for tax preparation of the rental return (Schedule E)
    Also includes, depreciation and mileage worksheets, and any other forms related to tax computation of the rental income.
  • 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.
  • Homeowner's insurance (i.e. fire and flood insurance)
  • 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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Note: Although these checklists have been carefully prepared by individuals who are experts in the subject, we do not suggest the information be used as a substitute for legal, medical, or financial advice. Always consult a professional who understands your specific situation.