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Rental Income and Expenses for Income Producing Property
Isha T. Jarecki outlines deductions for rental properties amid high living costs. If you occupy part of the building, expenses must be prorated. only maintenance and repairs are deductible for personal space. Deductible items include painting, depreciation, janitor salaries, heating, insurance, taxes on rented portions, and interest on the mortgage for the rental area. Keep all receipts. attach W-2 forms to your return and file early to avoid refund delays.
MENTIONED IN THIS ARTICLE
Isha T. Jarecki
Internal Revenue
Ulinoa
Ming