WhiskyStudios

Your mortgage interest, maintenance, repairs, homeowners insurance and the cost of advertising your rental are all deductible. From mortgage interest and insurance to utilities and repairs, we’ll walk through some rental property tax deductions landlords should take advantage of. A great way to avoid the repair versus improvement hassle—and to keep your tenants happy—is to keep your rental property well maintained. Tip #4: Do Preventive Maintenance. You can also depreciate the house -- deducting some of the value for wear and tear -- while it's unoccupied. You can claim the same deductions on a vacant rental as when it's occupied. Note: A taxpayer whose average annual gross receipts is less than or equal to $10,000,000 may elect to not capitalize amounts paid for repairs, maintenance, or improvements of certain eligible building property if the total amounts paid during the taxable year for such activities don't exceed certain dollar limitations. Whether or not something counts as a tax deduction hinges on how the IRS categorizes the repair. The IRS stipulates that deductible expenses must be ordinary and generally accepted in the rental business, along with being necessary for managing and maintaining the property. Preventive maintenance costs are always currently deductible operating expenses. Rental property repairs and improvements can be expensive, so it’s comforting to know some deductions might be coming your way. IMPORTANT: These rental property tax deductions are “above the line” deductions, meaning they come directly off your taxable income for rental properties. It’s not 100% exhaustive, as there are a few obscure tax deductions that only apply to a few landlords, but think of this as a rental property deductions checklist for the average landlord. President Donald Trump's tax returns — and his reported $70,000 deduction for hairstyling — have become a hot topic thanks to The New York Times, getting lots of people talking about what is and what isn't a legitimate tax deduction.From trying to write off breast enhancement to deducting the cost of at-home petting zoos, tax professionals have heard it all. Maintenance means taking steps to prevent your property from breaking down or deteriorating.

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