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Tax deductions for landlords

Updated on January 16, 2010
Tax deductions for landlords
Tax deductions for landlords


If you are a first time landlord you may be concerned about the amount of taxes you will owe the IRS. Fortunately though, several tax deductions may considerably cut the amount of taxes your owe. Knowing about these deductions first hand will be a must, hopefully you have held on to several receipts and have other important documentations handy!

1) Interest on your mortgage payments

Yes, even as a landlord the interest you pay on your mortgage (supposing you are paying a mortgage) and the property taxes will be tax deductible. Your bank or loan company should send you the appropriate form at the beginning at the year so you can present it to your tax preparer. If you lived in the home for a part of the year and then rented it for the rest, then you must divide up the taxes and mortgage payments accordingly.

2) Insurance premiums

As a landlord you probably have some sort of insurance to protect your rented property and its tenants. If so, your landlord insurance can as well be tax deductible.

3) Depreciation

The truth is that all properties wear out. It is calculated that every year for 27 1/2 years the property will undergo significant wear and tear. This is seen as a loss and allows landlords to get a tax break from their yearly rental monthy income . However, there is something on your property that will never depreciate regardless of the passage of time and that is land.

4) Repairs

If you repaired that broken window or that jammed door keep the receipts handy as they are tax deductible. Other various expenses are deductible as well such as landscape work, carpet cleaning, winterizing your home and pest control.

5) Travel Expenses

Do you travel back and forth to collect rent, do repairs or inspect the property? If so, the gas mileage and vehicle maintenance costs are also tax deductible. The tax deductions are valid also if you travel from out of State or even overseas.

6) Office Space

If a part of your home is used to operate your rental property this can be tax deducted just as if you own a business.

Tax deductions may sound complicating and particulary intimidating for most first time landlords.   As a first time landlord, you may want to hire a professional in order to avoid being audited. The good thing is that should you decide to hire a certified public accountant experienced in real estate, this expense can be tax deductible too!


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