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Posts: 563
Reply with quote  #1 
Here's what I found (on the net) can be deducted.  Please add if I have missed anything...  Would like to be prepared before going to my accountant.

Cleaning and maintenance
Homeowner's Associations and Condo Fees
Insurance Premiums
Interest Expense
Property Taxes
Management Fees
Pest Control
Professional Fees
Rental of Equipment
Rents you paid to others
Trash Removal Fees
Travel Expenses
Yard Maintenance

"All expenses must be ordinary and necessary and not extravagant"


Posts: 3,775
Reply with quote  #2 
I assume you mean your taxes?  If so, you can also deduct:
-memberships in professional organizations (such as membership fees in LL organizations)
-professional magazines (such as a real estate newsletter or a real estate listing book)
-legal and court fees for evictions and consultations, purchases of professional forms (like leases)
-professional books and periodicals (like buying your state's LL-Tenant law book), etc. 
-Mileage is also deductible from the rental to a store to get parts or supplies (but not from your home to the rental unless you have a home office). 

Other items you may be able to deduct:
-small tools needed for a repair job
-landscaping plants
-labor fees paid to other people to help you prepare a unit
-credit and criminal background checks
-other screening fees
-long distance calls to screen tenants
-postage to mail notices and receipts to tenants
-signs for renting
-anything expendible you use in the rental (like plastic for windows or weatherstripping)

And with a small office:
-Computer, printer, and other office equipment
-ink, paper, and office supplies
-mileage to the rentals
-office furniture (desk, chairs, file cabinets)
-office signs, doorbells or alarms, drop boxes
-percentage of the home (depreciation) based on sq footage
-percentage of the utilities (based on square footage)

There are many deductions.  See an accountant who is knowledgeable about rentals and their deductions, or who has his own rentals.  Also, you may want to read NOLO's book on Legal Tax Deductions (can't temember the title, but search at the library for LL and tax deductions and you should find it.)

Posts: 5
Reply with quote  #3 
Fund is an essential aspect in individual lifestyle and many individuals around us who are experiencing some economical issue but there is no need to fear for them.Financial preparing is very essential for all of us.
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Posts: 3
Reply with quote  #4 
Tax deduction is a reduction of the income subject to tax, for various items, especially expenses to produce income. Tax deductions generally are allowed only for expenses incurred that produce current benefits, and capitalization of items producing future benefit is required. Sometimes with exceptions. Most systems allow recovery in some manner over a period of time of capitalized business and investment items, such as through allowances for depreciation, obsolescence, or decline in value.
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