Although being a landlord certainly has its cons, tops among its pros are the tax deductions rental homeowners enjoy.
From finding tenants to fixing faucets, renting out a home can be a lot of work. If that doesn’t dissuade you, you’ll appreciate collecting the rent checks and taking advantage of tax deductions.
In fact, you can use many rental property expenses to offset your rental income. IRS Publication 527 has all the details.
Writing Off Rental Home Expenses
Many rental home expenses are tax deductible. Save receipts and any other documentation, and take the deductions on Schedule E. Figure you’ll spend four hours a week, on average, maintaining a rental property, including recordkeeping.
In general, you can claim the…