Top 10 Tax Deductions for Rental Property Owners

Top 10 Tax Deductions for Rental Property Owners

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Top 10 Tax Deductions for Rental Property Owners
Tax season is just around the corner and if you happen to be a rental property owner, here are 10 tax deductions you may be able to take advantage of.
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Tax season is just around the corner and if you happen to be a rental property owner, there are a number of potential tax deductions you may be able to take advantage of. This article covers ten of them.

"When you own rental property you are essentially running a small business. Here are 10 primary tax deductions for rental property owners that you can use to reduce your rental income for income tax purposes.

1. Mortgage Interest

Just as you would report your mortgage interest on your primary residence on Scheduled A of your income tax return, you can do the same with mortgage interest from rental property. However the interest deduction is reported instead on Schedule E, Supplemental Income and Loss, where the interest is fully deductible against rental income.

2. Real Estate Taxes

Likewise, real estate taxes are also fully deductible as a business expense of the property."

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