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What deductions can I claim for my rental properties?

You can deduct all ordinary and necessary expenses that are both:

  • Paid in connection with the rental property
  • Common and accepted in the industry

A partial list includes:

  • Advertising
  • Legal and professional fees
  • Auto expenses
  • Insurance
  • Interest
  • Materials and supplies
  • Management fees
  • Real estate taxes
  • Maintenance
  • Condo fees
  • Repairs
  • Utilities
  • Phone
  • Service contracts

You'll depreciate any capital improvements and the property basis (minus the land value) over a period of time using IRS tables. You should keep records as well. There are special rules for taking losses. You can carry forward to a future year any losses you can't claim this year.

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