21 Common Rental Home Deductions

Rental Home DeductionsYou may be entitled to more rental home deductions than you may realize. Following is a list, in no particular order, of the top 21 deductions. This list of rental home deductions is not all-inclusive, and some deductions may not apply in your situation:

1.       Property taxes

2.       Mortgage interest

3.       Mortgage insurance

4.       Credit card interest used to pay for items or services for the rental property

5.       Home insurance, including fire, theft, flood, landlord liability

6.       Utilities

7.       Bank fees for your rental account

8.       Depreciation

9.       Travel costs to manage your rental, including auto expenses

10.   Advertising in print or online

11.   Tax preparation fee (including fees paid to an accountant to prepare your return)

12.   Bookkeeping fees

13.   Rental management fees

14.   Repair expenses

15.   Maintenance, such as landscaping or snow removal

16.   Office supplies, such as envelopes

17.   Printing

18.   Postage

19.   Homeowner’s Association fees

20.   Commissions paid

21.   Home office deduction

Be sure to keep accurate support and records in order to substantiate your deductions. You shouldn’t have to pay more tax than what you truly owe. Use this list to help minimize your tax liability. Be sure to check out some of my other articles for more information.