Having Landlord Income Tax Deductions

Part of the Video Series Advice for Your Income Tax Deductions

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Learn what you can expense as a landlord for your income taxes from our expert in this free educational video on about understanding your income tax deductions.

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Having Landlord Income Tax Deductions
Sooner or later all of us seem to become landlord's one way or another so what are you going to do on your tax return will the internal revenue service has been real nice and giving us the front page of schedule E all ready set up to take care of your rental property. In that schedule E it listed different things you can deduct such as repairs, insurance, mortgage interest, taxes, pest control and the light, utilities so you can do a good job of reporting that to the IRS. Keep in mind that you can appropriate on schedule E the cost of the dwelling the value of the dwelling exclusive of land for individual personal pipe rentals is 27 1/2 years straight line. So look at your schedule E when your setting up your rental and it'll flow quit well for you, thank you.

About the Expert

Expert: Tom Choisnet He has been in self-employed tax practice for over 40 years and he has been an enrolled agent since 1968. He has prepared over 35000 tax returns. Read More