Taxes: Deduct These Expenses From Your Rental Property

Wondering what expenses you can and can’t deduct come tax time?

Many property owners wonder what expenses can legally be deducted from their income. This article will give you some general guidelines, however, you should always consult your accountant and financial advisor for specific advice.Maintenance fees

Maintenance Fees: Consider deducting any expense you incurred for cleaning, lawn maintenance, painting, carpet cleaning, pest control, and any other general maintenance fees. Also, you may be able to deduct mileage to and from your property, so it’s worth keeping track!

Marketing Fees: You can deduct any expense incurred by marketing your property, from hiring a professional writer and photographer, to paying to list it on a rental website, hosting fees for a website, postage, copies of a brochure, online newsletter, etc.

HOA Fees: Homeowner’s association fees are tax deductible too and HOA special assessment fees are generally as well.

Making money with rental properties

Insurance, Taxes, and other Finances: You can deduct your property insurance, liability insurance, property taxes, closing fees (if you refinanced your home in the year prior), legal fees, tax preparation fees, etc.

Educational Expenses: If you’ve attended a seminar or purchased a book on managing your furnished rental, you may be able to deduct those expenses as well.

Remember to consult your CPA, tax attorney and financial advisor for guidance as these guidelines may differ depending on your personal situation.

Learn more ideas in the book: Making money with Rental Properties.

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Kimberly Smith is an accomplished entrepreneur and published author with more than 20 years experience as an entrepreneur in the areas of real estate, property management, corporate housing, website development and franchising. In 1999 Kimberly and her husband/ business partner, Eric, launched AvenueWest Corporate Housing, Inc., a multi-million dollar success story. AvenueWest provides real estate property management of furnished residential properties offering full service corporate housing services to upscale executive travelers in need of a monthly lodging solution. A recognized leader in the industry, they were awarded CHPA’s 2010 Provider Company of the Year Award and listed for 3 consecutive years on Inc Magazine’s Inc 5000 list of the countries fastest growing businesses. Inspired to help people find corporate housing and real estate solutions on a national basis, Kimberly and Eric came up with a business idea to create a national resource dedicated to connecting furnished rental properties with executive renters. In 2006 (CHBO) was launched, the first-of-its-kind online portal connecting furnished rentals and the traveling public. In 2013 CHBO was recognized by CHPA as the Associate Company of the Year. In 2009 AvenueWest Global Franchise was launched allowing for the national expansion of the AvenueWest Managed Corporate Housing product. Current offices are located in Phoenix, Atlanta, Fort Collins, San Francisco, Boston, Dallas, Denver and Colorado Springs.

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