1. Interest Paid on Mortgage
You can deduct the interest you pay on your mortgage for your rental property. This can save you a lot of money at tax time.
2. Property Taxes
You can also deduct the property taxes you pay for your rental property. This can help reduce your taxable income and save you money on your taxes.
3. Repair and Maintenance Costs
You can deduct the costs of repairing and maintaining your rental property. This can include things like fixing a broken window, painting the exterior, or replacing a damaged roof.
4. Advertising Costs
You can deduct the costs of advertising your rental property. This may include things like printing flyers, placing ads in newspapers or online, or hiring a real estate agent to help you rent out the property.
5. Insurance Premiums
You can deduct the cost of insurance premiums for your rental property. This includes things like homeowner’s insurance, liability insurance, and flood insurance.
You can deduct the costs of utilities for your rental property. This includes things like electricity, water, gas, and trash removal services.
You can deduct the depreciation of your rental property. This is a way to spread out the cost of owning a rental property over its useful life.
8. Home Office Expenses
If you use part of your home as an office for your rental business, you may be able to deduct some of the expenses associated with it. This may include things like rent, phone bills, internet service, and office supplies.