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sarahrainwater
Level 1
October 25, 2023
Question

Rental Income

  • October 25, 2023
  • 1 reply
  • 22 views

I just started renting out a condo I own a few months ago. What are all the deductions and tax implications I should know about as a new landlord?

1 reply

Ruth C-L
Ruth C-L
Alumni - Intuit
October 25, 2023

There are a wide variety of deductions associated with the rental activity. You're able to deduct ordinary and necessary expenses associated with the rental property including the following:

- Mortgage interest

- Property taxes

- Repairs & maintenance

- Depreciation on the building portion of the property

- Utilities

- HOA Fees

- Homeowners' insurance

- All other ordinary and necessary expenses.

 

Ruth, CPA, Esq.

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