Rental properties provides great tax benefits. Consult your tax advisor to see if you qualify for these common deductions for your rental property.
Mortgage interest payments, and interest on credit cards used for rental activity
Deduct a portion of the cost of the property over several years
Repainting, plastering, fixing leaks, gutters or floors, and replacing windows
4. Casualty Losses
Theft, damage or destruction from a fire or flood
Deduct premiums you pay for almost any insurance for your rental
6. Home Office
Applies to space devoted to office work, as well as a workshop or any other home workspace you use for your rental business
7. Employees and Independent Contractors
Hiring someone to perform services for your rental activity? You can deduct their wages as a rental business expense.
8. Local Travel
When you drive to your rental building or go to the store to purchase a part for a repair, you can deduct your actual expenses (gasoline, upkeep, repairs), or use the standard mileage rate (check the IRS website for current rates).
9. Long Distance Travel
Traveling overnight for your rental activity? Deduct your airfare, hotel bills, meals, and other expenses.
10. Legal and Professional Services
Including attorneys, accountants, and property managers.