{"id":148112,"date":"2024-01-16T12:37:08","date_gmt":"2024-01-16T12:37:08","guid":{"rendered":"https:\/\/namso-gen.co\/blog\/what-can-be-claimed-on-rental-property\/"},"modified":"2024-01-16T12:37:08","modified_gmt":"2024-01-16T12:37:08","slug":"what-can-be-claimed-on-rental-property","status":"publish","type":"post","link":"https:\/\/namso-gen.co\/blog\/what-can-be-claimed-on-rental-property\/","title":{"rendered":"What can be claimed on rental property?"},"content":{"rendered":"

When it comes to owning a rental property, there are certain expenses that landlords can claim to reduce their taxable income. Understanding what can be claimed on rental property can help landlords maximize their deductions and ultimately save money come tax time.<\/p>\n

One of the key benefits of owning rental property is the ability to deduct various expenses associated with the property. From maintenance and repairs to mortgage interest and insurance costs, there are a number of items that landlords can claim to offset their rental income and lower their tax liability.<\/p>\n

**What can be claimed on rental property?**<\/p>\n

**1. Property Management Fees:** Landlords can deduct fees paid to property management companies for managing their rental property.
\n**2. Repairs and Maintenance:** Expenses related to repairs and maintenance of the rental property can be claimed as deductions.
\n**3. Mortgage Interest:** Interest paid on the mortgage used to purchase the rental property is deductible.
\n**4. Insurance Premiums:** Landlords can claim the cost of insuring their rental property.
\n**5. Property Taxes:** Property taxes paid on the rental property are deductible.
\n**6. Depreciation:** Landlords can claim depreciation on the value of the rental property over time.
\n**7. Utilities:** Utilities paid by the landlord for the rental property can be claimed as deductions.
\n**8. Travel Expenses:** Landlords can deduct travel expenses related to managing their rental property.
\n**9. Legal and Professional Fees:** Fees paid to lawyers, accountants, and other professionals for managing the rental property are deductible.
\n**10. Advertising and Marketing Costs:** Expenses related to advertising the rental property can be claimed as deductions.
\n**11. Home Office Expenses:** If the landlord conducts business related to the rental property from a home office, certain expenses may be deductible.
\n**12. Capital Improvements:** While not fully deductible in the year they are made, landlords can claim depreciation on capital improvements made to the rental property.<\/p>\n

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