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phomie
New Member

I manage my own rental property. Can I deduct management expenses as the property manager other than mileage for my vehicle?

 
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KarenL2
Level 5

I manage my own rental property. Can I deduct management expenses as the property manager other than mileage for my vehicle?

It depends on what you mean by "management expenses".  You can only deduct your actual out-of-pocket costs on the Schedule E.  You cannot deduct the value of your time.  (If you did, it would actually create a worse tax situation, because you would then have to report it as self-employment income and pay self-employment taxes.)

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KarenL2
Level 5

I manage my own rental property. Can I deduct management expenses as the property manager other than mileage for my vehicle?

It depends on what you mean by "management expenses".  You can only deduct your actual out-of-pocket costs on the Schedule E.  You cannot deduct the value of your time.  (If you did, it would actually create a worse tax situation, because you would then have to report it as self-employment income and pay self-employment taxes.)

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