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This wear and tear lowers the property value, and this depreciation can be claimed. When your rental property is placed in service, it begins to depreciate due to normal wear and tear. The IRS defines this as “other expenses necessary for the operation of the rental property.” While somewhat vague, this includes all the items you require to keep your business going, such as employee salaries and fees charged by independent contractors (your attorney, accountant, and groundkeeper). If your state requires you to have a business license, you can also deduct the license fees. If you aren’t sure what the tax rate is where your rental property is located, talk to a tax professional to get more information. You probably pay state and local tax on your rental property. You should receive a Form 1098, which will show the amount of interest you paid for the year. Here are some common tax deductions for landlords: Mortgage interestĪccording to the IRS, if you paid more than $600 in mortgage interest on your rental property to any one person, you’ll be able to claim that interest. Landlords can claim a wide variety of rental expenses.
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Let’s explore common rental property tax deductions for landlords, which expenses you’ll want to track, and how to keep it all organized. Perhaps there are people who consider tax preparation fun, but if you’re not one of them, keeping track of your expenses so that you are prepared when tax season rolls around can be a challenging task.