List of things you can deduct on taxes?

List of things you can deduct on taxes?

Billings, MT · Member since 2013 · 102 posts · 11 votes

I am interested in having a concise list of deductions for landlords. Today at the accountant, I found out about the ones below:

1. Mileage

2. Rehab Materials

3. Money paid to contractors

4. Taxes

5. Closing costs

6. Depreciation

7. Screening costs

8. Interest Paid

Any others would be appreciated.

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Investor · Sunnyvale, CA · Member since 2013 · 62 posts · 19 votes
12y
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  • Flipper/Rehabber · Mechanicsburg, PA · Member since 2013 · 189 posts · 84 votes
    12y

    home office supplies and home office deduction

    Advertising costs

    Maybe cell phone and Internet if used for business?

  • SFR Investor · Knoxville, TN · Member since 2013 · 31 posts · 23 votes
    12y
    Insurance on investment property. Also, home office is a MUST. Be careful of deducting closing costs. Can't expense them. You have to add them to the cost of your rental and then depreciate. If accountant said you could, you may want to find another accountant, or at least ask another one.
  • Investor · Sunnyvale, CA · Member since 2013 · 62 posts · 19 votes
    12y
  • Jerry W.Pro Member
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    Investor · Thermopolis, WY · Member since 2012 · 4k+ posts · 4k+ votes
    12y

    Hey @Dennis Nemitz , I am south of you in Wyoming.

    Some of your deductions will depend upon whether you have formed a company or not. You can employ your spouse and buy them health insurance,you can purchase your vehicle by your company and depreciate it and repair maintain it., etc. Anyway just some ideas for when the taxes start biting you because the profits are higher than normal depreciation.

  • Rental Property Investor · Memphis, TN · Member since 2011 · 111 posts · 40 votes
    12y

    Take me to lunch and let's talk real estate. We can deduct that. Well, at least 50% of it.

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