| [...] A rental property tax deduction is any expense that | | | | If you use a lawyer or an accountant for your rental |
| evolves from owning a rental property. If you spent | | | | property, you will use the fees you pay to them as a |
| money to maintain, conserve and manage a rental | | | | rental property tax deduction. This is also true for any |
| property, you can use that as a property tax | | | | fees paid to a rental agency that you use to find and |
| deduction. The most common deductions will be yard | | | | scan potential renters. All these fees are tax |
| care, maintenance, repairs, insurance payments, | | | | deductible. This is also true for any advertising you do |
| cleaning and the mortgage payment if there are any. | | | | yourself to find a renter or tenant. These fees are |
| Some other property tax deductions that most people | | | | deductible on your taxes. |
| forget about are fees for an accountant, fees for a | | | | Mortgage Payments, Insurance Payments And |
| lawyer, expenses for finding renters, fees paid to | | | | Property Taxes |
| rental agencies for finding you a renter, any mileage | | | | If you pay a monthly mortgage payment, you can |
| that is accumulated for said property and depreciation | | | | deduct the payment on your taxes. You will also |
| for items included in the rental and of the property | | | | deduct your mortgage interest and property taxes in |
| itself. | | | | another area of the tax forms. The insurance |
| Depreciation Of The Property And Items In The Rental | | | | premiums that you pay on the rental property are also |
| Unit | | | | deductible. This includes any special insurance you |
| The depreciation of items in the rental unit may include | | | | need for flood or other weather related issues. |
| anything you supply to the tenant such as appliances, | | | | All Other Rental Property Deductions |
| furniture, blinds, curtains and other items you might | | | | If you pay someone to do yard work or shovel snow, |
| supply for a tenant. You can use these items by | | | | you van deduct it as a service rendered. For a |
| depreciating them accordingly. The property | | | | cleaning service, you will deduct this as well. If you do |
| depreciation is usually done over a longer period. This is | | | | any repairs or any type of maintenance on the |
| an area for your accountant to handle since they have | | | | property, you can deduct this as well. Remember to |
| more experience with depreciating items and | | | | keep track of all the miles you drive to and from the |
| properties. You want it done correctly and at the | | | | property or to stores to get supplies for work done on |
| proper time. | | | | the rental property, these miles or actually a |
| Agency, Lawyer And Accounting Fees | | | | percentage of them are tax deductible. [... |