Tax Benefits of Rental Property
Many people purchase condominiums and rent them out throughout the rest of the year when they’re not in use by the owner. By doing this, you can qualify for some great tax benefits. Make sure you save all of your receipts and any types of documentation ... report those individual deductions on 'Schedule E' on your income tax return.
Here are just some of the deductions you can claim for the year in which you pay for these common rental property expenses:
Advertising and marketing of your property
Cleaning and maintenance fees
Any commissions or management fees paid to a rental management company
Homeowners Association (HOA) dues
Special assessments if mandated by the HOA
Insurance premiums
Any necessary legal fees
Mortgage and tax interest
Taxes
Utilities
You can also deduct expenses related to traveling locally to your rental property if you need to show the property, upgrade, collect rent, or maintain the property. If you use your own vehicle to do this, you can claim standard mileage rates plus any tolls and parking.
The PCBeach Realtor Recommendation ...