Tax Question for STR's managed by PM's

[Chaits J.]

Quick question all! What tax deductions do you take on a STR managed by a PM where all you get is 1099 at end of the year for the final payouts made ( after deducting all fees). TIA!

[Basit Siddiqi]

@Chaits J.

You can deduct anything that was ordinary, necessary and reasonable to conduct your business.

If you have a PM, you likely received monthly PM statements indicating what expenses that the PM paid on your behalf.
You would then add any expenses that you paid for out of pocket.

Home owners insurance, mortgage interest, taxes, repairs are just a short list of the eligible expenses that you are entitled to deduct.