I am of course scrambling to do my taxes last minute.
What deductions should I be sure to make, or may be ones I forget?
- Rental Prop. Insurance
- Accountant Pa13. yment
- Maint. Expenses for rental
- Advertisement
- Mort. Interest
- Realtor expenses - listings
- Gifts given to Tenants during holidays
- Home Service Plan
- HOA fees
- City permits - if any - Alarm, dogs, work peformed
- rental prop. software expenses
- Possible home office to manage
- Cell phone used in rental - possible
- meals purchased for deal meetings
- many other…
DFW_REI- that’s a good list u put together…
phatman5- I always refer back to IRS Publication 527 (Residential Rental Property), its kind of a tedious read, but has TONS of good stuff, I just like to go straight to the source for my info.
- Depreciation - Even if you don’t take it the IRS will tax you for depreciation recapture when you sell.
- Mileage - I write off a couple thousand $$ in mileage every year but you must keep records. I keep a “Weekly Minder” in the car to jot down trip mileage a the reason.
- Legal expenses
- Internet - if exclusively for business use
- Inspection reports
- Post office box, stamps, other delivery costs (FedEx)
- Educational expenses - seminars, workshops
- Real Estate Club dues
- Bank fees
- Credit card interest
- Office supplies and equipment
27 Small tool purchases (not capitol expenditures) - Real estate taxes on rental properties
- Utilities (water, sewer, electric, gas) on rental properties
- Tool rental