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Video instructions and help with filling out and completing form 4835 2021
And welcome to this session of free tax tips in this session we're going to talk about what you can take as a deduction for your rental property now what is my rental property rental properties Jenny generally going to be any property that you rent out for income so it could be a room in your house it could be a back house it could be a house that you no longer live in get duplex or multi-family unit what you can generally take as a deduction the most common ones are going to be of course advertising travel to and from the property so if it's out-of-state that really comes in play or if it's out-of-town you have to fly a good hotel those things add up cleaning and gardening for the property insurance payments for hazard liability insurance earthquake insurance or what have you legal fees if you have to get someone addicted that's definitely a deduction if you're dealing with some type of ownership property interest of clearing title those fees would be deductible property management let's say you don't manage the property itself you pay for property management that's going to be a deduction for you mortgage interest can't forget that one that's going to be probably the main one so you have this rental income you got to offset with expenses don't forget mortgage interest that one is definitely one that comes into play a lot of times it's very helpful property taxes which may sound familiar especially if you watch the previous one mortgage interest and property taxes are also deductible on the personal side as well as on the rental property side then you have repairs and supplies and so forth so if you do like minor repairs plumbing electrical roof those things are going to be deductible now here's something IRS office points out to us is to be able to differentiate between repairs and improvements improvements I'll give you a quick example a repair would be a roof patch so the roof has leak we send the repair guys up there they past the roof that's a repair an improvement would be hey this roof is pretty shot it's leaking pretty bad I'm going to replace the whole roof that's an improvement and now it's still deductible but different we have to advertise that over 27 and a half years for residential rental property instead of being able to take all of that at one time see the difference if it's a repair we can take it all at one time if it's an improvement we have to spread it out over the life of the property so those are two things as well and remodels improvements things like that are usually spread out now some properties may have HOA dues so if you rent out a condo for instance or house that lives it the house that's in a gated community has HOA HOA dues are deductible some.