Can I deduct the entire house payment for my rental property? Or am I limited to just the mortgage interest and property taxes?

[jknospmarried]

Put another way, does Rental Income = Rent - Mortgage Payment?

[Fern · Accepted solution]

No, you cannot deduct the entire house payment for your rental property. However, you can deduct the mortgage interest and real estate taxes that you paid for the property as part of your rental expenses.  Additionally, you can take an annual depreciation deduction for the building over the life of the building.

The combination of the three items should approximate your house payment, but you cannot take the payment itself as a deduction.

[smmm]

Can you also deduct property insurance?

[DoninGA]

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@smmm wrote:

Can you also deduct property insurance?

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For a rental property?  Yes.

[mwhite101]

Can you deduct pool company and landscaping maintenance costs?

[JamesG1]

The IRS lets you deduct ordinary and necessary expenses required to manage, conserve, or maintain property that you rent to others.

I do not know your exact situation, but pool and landscaping maintenance costs could certainly qualify.

See also this TurboTax Help.