Hello,
I recently bought a rental property and could use your help in answering these tax questions:
1) I saw something online where a real estate investor wrote off 10% in property management fees for himself since he managed his property himself. I paid my friend $930 to manage my property in 2023 but 10% of the 2023 rental income received was $4,040.33. Can I write off the $4,040.33 amount off on property management fees?
2) Can I include my internet bill for 2023? I used my internet to research and call vendors/repairmen when things broke. If so, is it the full amount or prorated amount (like i use it for half personal and half work)? Do internet bills fall in the “supplies" section tied to the rental property?
3) I returned $900 towards the tenants security deposit in 2023 - do I reduce the 2023 annual rental income by $900? I would assume yes since I do include all security deposits received in the total rental income amount.
