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RENTAL REAL ESTATE DEDUCTION CHECKLIST:

Owners of rental properties have an array of possible expenses that are deductible against their rental income.

 

Advertising

Alarm/Security Service

Association Fees

Auto

Bookkeeping

Cable service

Casual Labor

Cleaning

Commissions Paid

Credit Check on potential tenants

Dues

Gifts

Insurance-Property

Insurance-Flood

Insurance-Private Mortgage

Interest on mortgage

Keys

Lawn care

Legal fees

Licenses

Lock Box

Maintenance

Meals

Management fees

Notary

Office supplies

Pest Control

Pool Service

Postage

Publications

Referral fees 

Rent for equipment, machinery, tools

Repairs

Subscriptions

Storage

Supplies

Taxes-Real Estate

Tools

Travel Away From Home

Utilities

CAPITAL EXPENDITURES (MAJOR ADDITIONS, BETTERMENTS, IMPROVEMENTS, ETC.) WHICH GENERALLY MUST BE DEPRECIATED:

TAX TIP: There are ways to currently deduct (instead of depreciating) some of these items.

Bathroom

Bedroom

Deck

Foundation

Garage

Patio

Pool

Porch

Land Improvements:

Driveway

Fencing

Landscape

Sprinkler System

Walkway

AC/Heating:

Air/Heat System

Duct Work

Filtration System

Plumbing:

Plumbing Rework

Septic System

Soft-Water System

Water Heater

Interior:

Carpeting

Curtains

Drapes

Flooring

Kitchen Remodel

Windows

Insultation;

Attic

Floors

Pipes

Walls

Furnishings:

Furniture

Lighting

Walls

Appliances:

Dishwasher

Dryer/Washer

Garbage Disposal

Microwave

Refrigerator

Stove

Television

Electrical:

Fuse Box

Outlets

Wiring

For a FREE, CONFIDENTIAL, NO-OBLIGATION TAX CONSULTATION CALL 561-746-1926 or 561-339-8102