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Are interest, taxes, insurance and repairs and maintenance all allowable expense in a not-for-profit rental?

 
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Accepted Solutions
Coleen3
Intuit Alumni

Are interest, taxes, insurance and repairs and maintenance all allowable expense in a not-for-profit rental?

Unfortunately as of 2018, you can no longer deduct your expenses for a Not-for-Profit rental. Expenses subject to a 2% of AGI limitation are eliminated by Tax Cuts and Jobs Act (TCJA)

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3 Replies
Coleen3
Intuit Alumni

Are interest, taxes, insurance and repairs and maintenance all allowable expense in a not-for-profit rental?

Unfortunately as of 2018, you can no longer deduct your expenses for a Not-for-Profit rental. Expenses subject to a 2% of AGI limitation are eliminated by Tax Cuts and Jobs Act (TCJA)

Are interest, taxes, insurance and repairs and maintenance all allowable expense in a not-for-profit rental?

I got a different answer a couple of hours earlier.  Please rid the answers that are old or wrong.  Folks are going to get confused (like me!) and this is a VERY costly change in the tax law.  If I am reading this correctly, I claim the rental income and cannot deduct ANY expenses at all!
Coleen3
Intuit Alumni

Are interest, taxes, insurance and repairs and maintenance all allowable expense in a not-for-profit rental?

As of 2018, the deductions are gone with the tax law change. If you see a post from before 2018, they were deductible as a miscellaneous itemized deduction.
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