What deductions can I take as an owner of rental property?
This is very common question every landlord ask us. the common deductions are mortgage interest and taxes . They can depreciate their rental property . If they have done any repairs to rental property (provided the repairs are ordinary, necessary, and reasonable in amount) are fully deductible in the year they are incurred . Good examples deductible repairs include repainting, fixing gutters or floors, fixing leaks, plastering, and replacing broken windows. Landlords are entitled to a tax deduction whenever they drive anywhere for their rental activity. If you have rental property out of state and If you travel overnight for your rental activity, you can deduct your airfare, hotel bills, meals, and other expenses. You can deduct the premiums you pay for almost any insurance for your rental activity. You can also deduct legal and professional services fees too .