What Can You Write off on a Rental Property?
by Solomon Poretsky
Rental property can make your taxes less taxing.
For rental property owners, mortgage interest is generally the single largest expense line. The IRS allows you to claim all of the interest that you pay against the income that you earn from your rental property. As with every other property expense, it gets subtracted off the top of your gross income before it ever reaches your 1040 return. This means that it isn't subject to limits on an itemized deduction or cancellation by the AMT. It also reduces your adjusted gross income, which can help you to stay eligible for other tax cuts.
The operating expenses that you incur while maintaining your rental properties are deductible. This includes not only your property taxes but also any utility bills that you pay for your tenants and the cost of any services
that you pay to provide lawn care, exterminator services or snow removal. You also can write off the cost of repairs that you make to the property and the cost of the insurance that you buy, among other things.
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