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Writing off rental home expenses
Many rental home expenses are tax deductible. Save receipts and any other documentation, and take the deductions on Schedule E. Figure you’ll spend four hours a week, on average, maintaining a rental property, including recordkeeping.
Here are some of the most common deductible expenses for rental homes, according to the IRS. You can usually take these write-offs even if the rental home is vacant temporarily. In general, claim the deductions for the year in which the expenses are incurred:
- Advertising
- Cleaning and maintenance
- Commissions paid to rental agents
- Homeowner association/condo dues
- Insurance premiums
- Legal fees
- Mortgage interest
- Taxes
- Utilities
Read the rest of Tax Deductions For Rentals.
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