Tax Deduction Quick Reference
One-page quick reference guide to common tax deductions for rental property owners.
Common Deductions
- ✓ Repairs & Maintenance
- ✓ Property Management Fees
- ✓ Insurance Premiums
- ✓ Property Taxes
- ✓ Mortgage Interest
- ✓ Utilities (if paid by landlord)
- ✓ Advertising & Marketing
- ✓ Legal & Professional Fees
- ✓ Travel & Transportation
- ✓ Home Office (if qualified)
- ✓ Depreciation (27.5 years residential)
- ✓ Tenant Screening Fees
Documentation Needed
- ✓ Receipts & Invoices
- ✓ Bank Statements
- ✓ Credit Card Statements
- ✓ Canceled Checks
- ✓ Mileage Log
- ✓ Property Records
- ✓ Lease Agreements
- ✓ Insurance Policies
⚠️ Repairs vs. Improvements
Repairs: Deductible immediately (fixing broken items)
Improvements: Must be depreciated (adding value/upgrades)
📋 Record Keeping
Keep records for 3 years (7 years for depreciation). Use separate bank accounts for rental income/expenses.