What expenses I can use for tax deduction?

Question

Pls advise!! I have a rental property but it is under my name? What expenses that I can use for tax deduction? I use property management as well. Thank you so much.

Drew Sygit · Answer

How far do you want to push your chances for an audit?

My wife and I go out monthly to review out portfolio and write off the dinner.

I know an investor that does that weekly.

Basit Siddiqi · Answer

Talk to you CPA to give you a list of what is deductible.Any expense that you incurred that was ordinary, necessary and reasonable that you incurred to keep your rental should be deductible.Mortgage Interest, real estate taxes, insurance, repairs are basic expenses.Much more can be deducted.

Simon W. · Answer

hard to deduct things if you aren't self managing.

Benjamin Aaker · Answer

Unless you are a real estate professional as defined by the IRS, you won't be able to offset your personal income as a deduction. That stinks, but you can still have a tax benefit. Your net is your income after expenses, so the expenses are a deduction. You'll want to keep receipts and do good bookkeeping to keep tract of these. The rental property will depreciate and this will be a big deduction.

John Duston · Answer

Any ordinary and necessary expenses.

Nathan A. · Answer

Patnaree, I am not a CPA but this page from the IRS might be a good overview.

> If you receive rental income from the rental of a dwelling unit, there are certain rental expenses you may deduct on your tax return. These expenses may include mortgage interest, property tax, operating expenses, depreciation, and repairs.