What can you deduct on rental property in 2017?

Investing in rental property can be a lucrative venture, but it comes with its fair share of expenses. However, as a landlord, there are certain deductions you can take advantage of to help lower your taxable income. So, what can you deduct on rental property in 2017?

What can you deduct on rental property in 2017?

You can deduct a variety of expenses related to your rental property in 2017, including:

1. Mortgage interest: You can deduct the interest you pay on your rental property loan.
2. Property taxes: You can deduct the property taxes you pay on your rental property.
3. Repairs and maintenance: Costs incurred for repairs and general upkeep of the property are deductible.
4. Insurance premiums: Premiums paid for insurance on the rental property can be deducted.
5. Depreciation: You can deduct a portion of the cost of the property over time through depreciation.
6. Utilities: If you cover utilities for the property, you can deduct those expenses.
7. Advertising: Costs associated with advertising the property for rent are deductible.
8. Property management fees: Fees paid to a property management company are deductible.
9. Legal and professional fees: Fees paid to attorneys, accountants, or other professionals for rental property-related services can be deducted.
10. Travel expenses: You can deduct travel expenses related to managing your rental property.
11. Home office expenses: If you have a dedicated home office for managing your rental property, you can deduct associated expenses.
12. Supplies: Costs for supplies used in the maintenance and management of the property are deductible.

FAQs:

1. Can I deduct the cost of improvements to my rental property?

Yes, you can deduct the cost of improvements that add value to your rental property, but these expenses must be depreciated over time.

2. Are HOA fees deductible on rental property?

Yes, you can deduct HOA fees as a rental property expense.

3. Can I deduct the cost of landscaping expenses on my rental property?

Yes, you can deduct the cost of landscaping expenses as long as they are necessary for maintaining the rental property.

4. Can I deduct my property management software costs?

Yes, you can deduct the costs associated with property management software as a rental property expense.

5. Can I deduct the cost of a new roof on my rental property?

The cost of a new roof would typically be considered a capital improvement and would need to be depreciated over time.

6. Can I deduct my travel expenses to check on my rental property?

Yes, you can deduct travel expenses related to managing your rental property, including mileage, meals, and lodging.

7. Can I deduct the cost of cleaning services for my rental property?

Yes, you can deduct the cost of cleaning services as a rental property expense.

8. Can I deduct the cost of pest control services for my rental property?

Yes, you can deduct the cost of pest control services as a rental property expense.

9. Can I deduct the cost of furniture for my rental property?

The cost of furniture would typically be considered a capital expense and would need to be depreciated over time.

10. Can I deduct my home office expenses if I manage multiple rental properties?

Yes, you can deduct home office expenses if you have a dedicated space used exclusively for managing your rental properties.

11. Can I deduct the cost of painting the interior of my rental property?

Yes, you can deduct the cost of painting the interior of your rental property as a maintenance expense.

12. Can I deduct the cost of advertising my rental property on social media?

Yes, you can deduct the cost of advertising your rental property on social media as a rental property expense.

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