Team Thayer Property Servicing

If you receive rental income from the rental of residential homes, specified rental expenses may be deducted on the owner’s tax return. Such costs may include interest on the property loan, owner’s property tax, operating costs, home value depreciation, and repairs.  Deductions may include the average and requires expenses for operating, protecting and maintaining your rental real estate investment. Ordinary expenses are those that are typically included in the business of managing rental homes.  Necessary expenses on rental homes are those that are deemed appropriate, such as: * interest on home loan * advertising costs to rent the home * homeowners taxes * property maintenance * household utilities  * home insurance. A detailed log covering the cost of home repairs on the rental property may include: staining wood, painting, fixing plumbing leaks and replacing damaged doors, windows or other home features of the rental property. “You can deduct the expense...