Why should I write off my rental home expenses? If you must travel a distance to visit your rental home, and decide to mix a little pleasure with your business along the way, only expenses specifically related to “manag, conserv, or maintain” the property can be written off. Drive your own car? Claim the standard mileage rate (That’s 56 cents per mile for 2014.), plus any tolls and parking fees paid.īut there are limits. Yes! You can deduct expenses incurred when traveling to a rental home for the purposes of showing it to prospective tenants, collecting rent, or performing maintenance. Less common, but equally applicable deductions include expenses related to obtaining a mortgage loan, and any fees charged by the accountant you hire to prepare your Schedule E. If you dot all your Is and cross all your Ts, you can claim deductions (on Schedule E) for each year during which you pay for common rental property expenses: Bet you didn’t know that, huh? Save receipts keep proper records, and figure an average of four hours per week spent to maintain your rental property. Write off your rental home expenses.Ī great many of your rental home expenses are tax deductible. Consult the Internal Revenue Service (IRS) for full details regarding using many rental property expenses to offset your rental income, or read on. Renting out a home, in northern Virginia or anywhere, comes with a lot of responsibility, but you knew that going in, and it’s those rent checks and the tax deductions that make all the work worth it. And then once you have a tenant living in your rental home, you have to mow the yard, and fix leaky faucets. As a landlord, you have to paint, and clean, and advertise - all to find tenants.
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